Nifty closes near day’s high with gains of 158 points

Mumbai: Nifty opened positive and gained momentum throughout the session on Tuesday, closing at the day’s high of 21,929.40, up 158 points or 0.7 per cent, said Siddharth Khemka, Head of Retail Research, Motilal Oswal Financial Services.

The broader market also ended in the green with Midcap 100/Smallcap 100 up 1.2 per cent and 0.8 per cent respectively. Barring banks and FMCG, all sectors ended with gains, with oil & gas and IT being the top gainers, he said, adding 3 per cent each.

BLS e-Services had a bumper debut, he said, listing at a premium of 129 per cent and closing with a net gain of 175 per cent over the IPO price. Most European and Asian markets were trading positive due to healthy earnings updates and signs of fresh stimulus in China. Along with this, strong services PMI data supported domestic equities.

“Overall, we expect the market to continue its positive momentum along with regional rotations. The key event this week is the monetary policy of the RBI which provides direction to the market. Although the RBI is expected to maintain status quo, the signals Comments regarding rate cuts will be keenly monitored,” Khemka said.

Vinod Nair, head of research at Geojit Financial Services, said the market showed a positive trend on Tuesday and recorded moderate gains, with investors reluctant to significantly cut their positions ahead of the RBI MPC meeting.

Expectations of loose monetary policy boosted sentiment in the bond market. Meanwhile, oil and gas stocks were up modestly as the market shrugged off geopolitical risks in the Middle East and awaited a recovery in weekly US crude inventories on Tuesday, he said.