The S&P BSE Sensex rose over 200 points to trade above 84,900, while the NSE Nifty 50 edged over 500 points higher to reclaim 26,000 level.
On the 30-stock Sensex, Tata Steel, State Bank of India, Larsen & Toubro, Bharti Airtel, and Adani Ports led the gainers, rising between 0.6% and 1%. ICICI Bank, Bajaj Finance, Bajaj Finserv, Asian Paints, and Bharat Electronics were among the top losers, slipping up to 1%.
Broader markets outperformed slightly, with the smallcaps up 0.4% and the midcaps edging 0.1% higher.
Among individual movers, shares of JK Tyre & Industries jumped 7% after the tiremaker reported a 62.3% surge in consolidated net profit for the September quarter.
The Nifty 50 has gained about 3.3% over the past eight sessions, advancing in seven of them, and now trades roughly 1.3% below its all-time high from September 2024.Expert views
News flows indicate continuation of the positive momentum in the market, said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, adding that there are indications of a possible agreement between U.S. and China on tariffs and if there is a breakthrough in the Trump-Xi meeting on Thursday, that will give another leg up to the markets globally where the leading indexes like S&P 500, Nikkei and Kospi are at record highs.
“A near-term positive for the market is the expectation that the Fed would cut rates in the FOMC meet on Wednesday since US CPI inflation (3% YoY) is not high as feared,” said Vijayakumar.
There is fundamental support for the Indian market from the leading indicators relating to GDP growth and corporate earnings, said Vijayakumar, adding that the only concern is the relatively high valuations in India which might prompt the FIIs to again turn sellers if the market makes a smart rally.
Technically, the week started on a positive note and after a gap-up open, the market maintained its positive momentum throughout the day, said Shrikant Chouhan, Head Equity Research at Kotak Securities, adding that a bullish candle on the daily chart and a reversal formation on the intraday chart indicate further upside from current levels.
“For day traders, 25,900/84500 would act as an immediate support zone. As long as the market trades above this level, the bullish trend is likely to continue. On the higher side, it could retest the 26,100/85000 level. On the other hand, below 25,900/84500, we may see a quick intraday correction towards 25,800-25,750/84200-84000. Expect a short covering trend above the level of 26100,” said Chouhan.
FII/DII Tracker
On the institutional front, Foreign Institutional Investors (FIIs) sold equities worth nearly Rs 56 crore on October 27, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 2,492 crore.
Global Markets
Asian stocks paused on Tuesday after a strong rally, as investors weighed hopes of easing global trade tensions against the need for a breather following recent gains. A surge in technology shares and expectations of robust big-cap earnings kept risk appetite firm across the region.
Safe-haven gold steadied near $4,000 an ounce after a sharp 9% slide over the past five sessions forced leveraged traders to unwind positions in the crowded trade.
Several Asian markets that recently hit record highs showed signs of cooling. Japan’s Nikkei slipped 0.2% after a 2.5% jump on Monday, extending its year-to-date gains to nearly 27%. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1%, while Chinese blue chips traded flat.
Futures in Europe and the U.S. were little changed, with EUROSTOXX 50, DAX, S&P 500, and Nasdaq futures all holding steady.
On Wall Street, technology stocks once again led the charge, with Qualcomm soaring 11% after unveiling two new artificial intelligence chips for data centers.
Crude Impact
Oil prices edged lower on Tuesday, extending a two-day slide as expectations of higher output from the Organization of the Petroleum Exporting Countries outweighed optimism over a potential U.S.-China trade deal.
Brent crude futures slipped 4 cents to $65.58 a barrel, while U.S. West Texas Intermediate futures eased 9 cents to $61.22.
Rupee vs Dollar
The Indian rupee weakened by 21 paise to 88.40 against the U.S. dollar in early trade on Tuesday.
The greenback extended losses in Asian trading after slipping on Monday, with the dollar index last down at 98.68.