Benchmark indices closed higher on Tuesday with Nifty surpassing 19,800, thanks to widespread buying across various sectors, says Mandar Bhojane, Equity Research Analyst, Choice Broking.
At the closing bell, the Sensex was up by 261.16 points or 0.39 per cent, reaching 66,428.09, and the Nifty gained 79.70 points or 0.40 per cent, closing at 19,811.50.
The top gainers on the Nifty included BPCL, Power Grid Corporation, SBI Life Insurance, HDFC Life, and Coal India. On the other hand, the losers for the day were Tata Motors, L&T, UPL, IndusInd Bank, and TCS, he said.
Vinod Nair, Head of Research at Geojit Financial Services said the market's gap-up opening today, offsetting the losses of the past three days, indicates an optimism over the ongoing Q2 earnings despite concerns about the Middle East and subdued start by the IT sector.
The upward trend was broad-based with particular upside in Banking, Oil & Gas and FMCG sectors. However, some profit-taking was evident as the day concluded. FIIs continue to withdraw funds due to the rise in US bond yields.
An insight about the future direction of interest rates is expected from the Fed chair's upcoming speech on October 19th. While the market will also closely monitor the developments in the Israel- Hamas conflict, with a consensus emerging that the geopolitical risk will not elevate, he said.
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