Stock market recap: Indian equities extended their rally for a fourth straight session on Tuesday, as a steep fall in crude oil prices, sustained foreign buying, and growing hopes of capital gains tax relief kept bulls firmly in control.
Nifty 50 rose 370.05 points, or 1.58%, to close at its day's high of 23,810.85, while Sensex jumped 1,225.07 points, or 1.62%, to settle at 76,917.85. Brent crude slipped to around $105 a barrel, about 11% below Friday's six-month high of $118, on optimism over diplomatic efforts to end the Iran conflict.
Foreign investors bought about ₹3,115 crore of Indian shares on Monday, adding to the momentum. Financials, FMCG, and Realty led the gains, while capital market stocks such as BSE jumped up to 8% on hopes of tax relief. Bharti Airtel rose about 5%, Asian Paints nearly 4%, and HDFC Bank, ICICI Bank, and IndiGo about 3% each. IT, Metal, and Pharma stocks lagged, with ONGC, Power Grid, NTPC, and Sun Pharma among the losers, while Reliance saw mild profit-taking. Breadth was positive, with 2,127 stocks advancing, 1,477 stocks declining, and 109 remaining unchanged. The U.S. midterm election results, due after Indian market hours, will be closely watched.
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Nifty 50 staged a strong rebound from lower levels, closing above its 100-day moving average (100-DMA), signalling renewed buying interest and improving near-term market sentiment. Technically, the recovery indicates strengthening bullish momentum, although sustained follow-through buying will be crucial to confirm a further upward move. On the upside, 24,000–24,400 is expected to act as key resistance, where selling pressure could emerge. Conversely, 23,500–23,400 is likely to provide immediate support, making it an important zone to monitor for the sustainability of the ongoing recovery.