Sensex surges over 1,200 points, Nifty reclaims 23,800 as earnings optimism lifts markets
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Mumbai, Nov 3 : Indian equity markets ended sharply higher on Tuesday, extending gains for the fourth straight trading session as investors cheered robust corporate earnings and shifted away from global AI-linked trades that have recently come under pressure.
The Sensex jumped 1,225.07 points, or 1.62 per cent, to settle at 76,917.85, while the Nifty climbed 370.05 points, or 1.58 per cent, to close at 23,810.85.
Commenting on Nifty technical outlook, experts said that the ongoing recovery is encouraging, although the Nifty may encounter resistance in the 23,800–23,900 zone.
"On the downside, the 23,200–23,500 range is likely to act as immediate support in the event of a pullback. We reiterate our preference for stocks demonstrating relative strength, while maintaining prudent overnight risk management amid global event-related uncertainties," analysts stated.
Market sentiment remained buoyant amid encouraging quarterly results from domestic companies, while weakness in global technology and artificial intelligence-linked stocks continued to drive investors toward more traditional sectors and markets.
Among the Nifty constituents, BSE, Nestle India and Tata Consumer Products emerged as the top gainers, leading the benchmark higher.
The broader market also ended in positive territory, although gains were relatively muted compared with the frontline indices. The Nifty Midcap 100 rose 1.06 per cent, while the Nifty Smallcap 100 advanced 0.31 per cent.
Sectorally, FMCG stocks led the rally, with the Nifty FMCG index surging nearly 3 per cent. Investors accumulated shares of consumer goods companies amid optimism over earnings and demand prospects.
In contrast, the Nifty PSU Bank index was the worst-performing sector during the session, ending lower even as the broader market advanced.
Experts said that the day's gains helped benchmark indices build on recent momentum, with improving corporate earnings, stable domestic macroeconomic conditions and shifting global investment flows continuing to support sentiment in Indian equities.
Meanwhile, the rupee traded positively, gaining around 0.15 per cent to 94.74, as cooling commodity prices eased concerns over the import bill and provided support to the domestic currency.
"Going ahead, the rupee’s outlook will depend on commodity price movements, global dollar trends and foreign fund flows, with expectations of improved capital inflows providing some support to the currency," analysts noted.
The Sensex jumped 1,225.07 points, or 1.62 per cent, to settle at 76,917.85, while the Nifty climbed 370.05 points, or 1.58 per cent, to close at 23,810.85.
Commenting on Nifty technical outlook, experts said that the ongoing recovery is encouraging, although the Nifty may encounter resistance in the 23,800–23,900 zone.
"On the downside, the 23,200–23,500 range is likely to act as immediate support in the event of a pullback. We reiterate our preference for stocks demonstrating relative strength, while maintaining prudent overnight risk management amid global event-related uncertainties," analysts stated.
Market sentiment remained buoyant amid encouraging quarterly results from domestic companies, while weakness in global technology and artificial intelligence-linked stocks continued to drive investors toward more traditional sectors and markets.
Among the Nifty constituents, BSE, Nestle India and Tata Consumer Products emerged as the top gainers, leading the benchmark higher.
The broader market also ended in positive territory, although gains were relatively muted compared with the frontline indices. The Nifty Midcap 100 rose 1.06 per cent, while the Nifty Smallcap 100 advanced 0.31 per cent.
Sectorally, FMCG stocks led the rally, with the Nifty FMCG index surging nearly 3 per cent. Investors accumulated shares of consumer goods companies amid optimism over earnings and demand prospects.
In contrast, the Nifty PSU Bank index was the worst-performing sector during the session, ending lower even as the broader market advanced.
Experts said that the day's gains helped benchmark indices build on recent momentum, with improving corporate earnings, stable domestic macroeconomic conditions and shifting global investment flows continuing to support sentiment in Indian equities.
Meanwhile, the rupee traded positively, gaining around 0.15 per cent to 94.74, as cooling commodity prices eased concerns over the import bill and provided support to the domestic currency.
"Going ahead, the rupee’s outlook will depend on commodity price movements, global dollar trends and foreign fund flows, with expectations of improved capital inflows providing some support to the currency," analysts noted.
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Note: The content of this article is sourced from a news agency and has not been edited by the ap7am team.