Indian equity indices were trading in the green on Tuesday with gains in shares of UltraTech Cement, NTPC, and L&T in BSE's benchmark.
According to the market track at 9:59 a.m. on BSE, Sensex was up 258 points or 0.32 percent and Nifty was up 58.20 points or 0.23 percent, at 24,853.
UltraTech Cement, M&M, Axis Bank, HUL, SBI, L&D, HDFC Bank, ICICI Bank, Bharti Airtel, NTPC, Asian Paints, Kotak Mahindra Bank, and IndusInd Bank were the stocks that gained maximum in the Sensex pack.
The Companies that lost are Tata Steel, Tata Motors, JSW Steel, Wipro, Titan, HCL Tech, Infosys, TCS, Power Grid, Tech Mahindra, Bajaj Finance, Maruti Suzuki, and Nestle.
It was driven by bank stocks. Nifty Bank gained 262 points or 0.56 per cent at 50,759.
Sectoral indices that saw significant rally were fin service, PSU Bank, FMCG, media, private bank, infra, services, and healthcare. Auto, IT, metal, realty, and energy were the major laggards.
There was buying seen in the midcap and smallcap stocks also. Nifty midcap 100 index gained 376 points or 0.66 per cent to close at 57,676, and Nifty smallcap 100 index gained 108 points or 0.60 per cent to close at 18,351.
Asian market is seen with mixed trading. At Tokyo, Hong Kong, and Seoul markets were red while in Bangkok, Jakarta were in the green. The US Stock Markets closed in red on Monday.
According to the market experts, "Market has turned weak responding to negative cues from escalating geopolitical tensions in the Middle East, massive FPI selling, and concerns surrounding the election results due today. The most important trigger which pulled the Nifty 5.6 per cent down from the peak has been the sustained big FPI selling during the last six trading days."
What is important to note is the fact that the net selling by FPIs of Rs 50,011 crore in the last six trading sessions has been more than offset by the DII buying of Rs 53,203 crore. The best strategy now is to accumulate high-quality fairly valued blue chips like the leading financials and IT stocks," they said on Tuesday.
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