However, for the current upmove to end, Nifty should close below 6020.
The Indian equity market ended with smart gains on Tuesday. The Nifty ended just shy of hitting the 6,100 mark while the Sensex managed to surge past the 20,350 in mid-afternoon trades. The Sensex closed at 20,302, up 143 points, while the Nifty shut shop up at 6,077 over Monday's close of 6,031. The National Stock Exchange (NSE) reported marginally higher volume of 44.84 crore shares, when compared to yesterday, while advance to decline ratio was 593:566, indicating that the upmarket movement is not broad-based. On the Bombay Stock Exchange (BSE), 1,149 stocks advanced against 1,150 declines, while 173 remained unchanged.
In the morning, the Nifty opened 33 points higher at 6,064 and the Sensex started the day at 20,249, up 90 points from its previous close. And both indices went up from there. Nifty and Sensex touched their respective highs at 6,093.35 and 20,351.06.
Asian markets also ended with smart gains. The Shanghai Composite gained 2.89%; the Hang Seng rose 2.33%; the Nikkei 225 advanced 0.82%; the Straits Times climbed 0.60%; the Seoul Composite gained 1.27% and the Taiwan Weighted settled 1.35% higher.
The Indian market opened on a bullish note, on the back of strong sentiments in Asia, fuelled by optimism in Japan. However, as far as India is concerned, there are headwinds particularly earnings prospects as well as macro economy vis-a-vis inflation, rupee and current account deficit. The smart upswing was led by FMCG, energy, realty, PSU banking, metals and oil and gas (energy) stocks. Only infrastructure sector ended in the red. However, midcap and smallcap stocks struggled for direction, though both ended the day in the black.
Gains in PSU banking, metals, energy and realty sectors saw the benchmarks emerge into the positive terrain in the first hour itself. The market continued to gain momentum in morning trade on support from finance, information technology and commodities. Pharmaceutical and auto sectors showed downward bias, but still finished in the black.
Meanwhile, the rupee ended the day at 59.76 to the dollar versus 59.72 on Monday.
At the time of writing, two of the three key European markets were trading with minor gains while US stock futures indicates more gains ahead. Foreign institutional investors net sales were $64.08 million On 22 July.
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