The BSE Sensex ended 174 points higher or 0.21% at 83,451, while the Nifty 50 rose 43 points, closing above 25,700 at 25,725, up 0.17%.
On the 30-share Sensex, Kwality Wall’s, newly listed following a demerger with HUL, tumbled the most, down 5%. Eternal, Trent, Tata Steel, and Reliance Industries also closed lower in the range of 1-2%. Gainers such as ITC, BEL, Infosys, L&T, Adani Ports, and Asian Paints rose in the range of 1.5%-2.5%.
Expert views
Shrikan Chouhan, Head of Equity Research at Kotak Securities, said that technically, after a gap-down open, the market took support near 25,600 (Nifty)/83000 (Sensex) and bounced back sharply. On intraday charts, it is holding an uptrend continuation formation and also formed a bullish candle on daily charts, which is largely positive. “We are of the view that 25,600/83,000 and 25,500/82,700 remain the crucial support zones for traders,” he added.
As long as the market is trading above these levels, the bullish momentum is likely to continue. On the higher side, 25,800/83,700 would act as an immediate resistance zone for the bulls. A successful breakout above 25,800/83,800 could push the market towards 25,950-26,000/84,200-84,500. On the flip side, below 25,500/82,700, the uptrend would become vulnerable.
Global markets
Activity remained subdued as markets in Mainland China, Hong Kong, Singapore, Taiwan and South Korea were closed for the Lunar New Year holidays, while U.S. markets were shut on Monday for Presidents’ Day.
In Japan, the Nikkei 225 declined 0.42%, while the broader Topix slipped 0.6% to 3,779.29. In Australia, the S&P/ASX 200 traded nearly 0.2% higher.European markets traded largely flat in early deals, with the pan-European Stoxx 600 hovering around the flatline. Italy’s FTSE MIB advanced nearly 0.4%, while France’s CAC 40 gained about 0.2% and Germany’s DAX edged up 0.1%. The UK’s FTSE 100 outperformed, rising nearly 0.5% shortly after the open.
Crude impact
Brent oil prices edged lower in Asian trade on Tuesday as investors evaluated the risk of potential supply disruptions after Iran conducted naval drills near the Strait of Hormuz ahead of nuclear talks with the U.S. later in the day.
Brent crude futures fell 59 cents, or 0.86%, to $68.06 a barrel at 07:38 GMT, following a 1.33% gain in the previous session. U.S. West Texas Intermediate (WTI) crude traded at $63.21 per barrel, up 32 cents or 0.51%, with the move reflecting Monday’s price action as the contract did not settle due to the Presidents Day holiday in the U.S.
Rupee vs Dollar
Indian rupee ended at 90.68 per U.S. dollar, little changed from its previous close of 90.65.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)