The Indian stock market finished Tuesday’s session on April 6 with strong gains, as key indices reversed early losses, indicating that the market is finding support at crucial levels.
After a 1% gain in the previous session, the Nifty 50 rose another 0.68% to settle at 23,123, while the S&P BSE Sensex ended at 74,616, up 0.69% from the previous close. The broader markets, however, closed mixed, with the Nifty Midcap 100 rising 0.2%, while the Nifty Smallcap 100 index declined 0.6%.
In terms of sectoral performance, Nifty IT was the top performer, surging 2.5%, while Nifty Realty and Nifty Metal closed with gains of over 1%. Other gainers included Nifty FMCG, Nifty Media, and Nifty Oil & Gas, which rose 0.82%, 0.8%, and 0.5%, respectively.
On the losing side, PSU banks saw heavy selling, dragging the index down by 0.72%. Nifty Consumer Durables also slipped 0.19%.
Vinod Nair, Head of Research at Geojit Investments, said, “In the near term, market direction is likely to be driven by geopolitical developments and selective value buying, with focus gradually shifting to the earnings season to assess potential downgrade risks arising from higher crude prices and currency volatility.”
(more to come)