Mumbai: India bourses were bullish on Tuesday as the markets witnessed a four-day bullish run on back of strong corporate earnings and global flows moving away from AI stocks.
The Sensex closed up 1225.07 points or 1.62 per cent to 76917.85 while the Nifty added 370.05 points or 1.58 per cent to 23810.85.
The market was bullish on positive quarterly earnings from domestic companies. Additionally, global tech and AI stocks were weak which led investors to favour traditional sectors.
FMCG Stocks At The Forefront
Within the Nifty, BSE, Nestle India and Tata Consumer Products were the top performers.
The broader market too closed bullish, although not as much as the frontline indices. The Midcap Nifty has risen 1.06 per cent while the smallcap Nifty has moved up 0.31 per cent.
FMCG stocks dominated with the Nifty FMCG index rising almost 3 per cent. Investors took advantage of the bullish sentiment by buying into Consumer goods stocks.
However, the PSU bank sector closed as the worst performer on the Nifty.
Nifty May Face Resistance At 23,900
Market experts stated they are optimistic with the upward trend seen in the Nifty. However, the index may see resistance as it moves into the 23800-23900 level.
Support levels are currently seen in the 23200-23500 range. Analysts have again called out to invest in relative strength stocks and keep overnight risk under control due to global uncertainty.
Corporate earnings continue to strengthen, alongside steady domestic macroeconomic conditions. This is being backed up by changing global flows to boost Indian stocks.
Rupee Shows Strength Amid Cooling Commodity Prices
The Indian Rupee was buoyant, rising around 0.15 per cent to 94.74.
Commodity prices have cooled which has reduced concern over the size of the import bill.
Analysts have said the rupee will largely depend on commodity prices, global dollar movement and foreign fund flows. There is an expectation that we can see some support due to better capital inflows.