Mumbai, August 25: The Indian stock market closed on a positive note on Tuesday, recovering from previous losses, as crude oil prices declined amidst mixed signals from global markets. Major domestic benchmarks recorded gains of up to 0.48 percent.
The BSE Sensex, comprising 30 stocks, rose by 286.98 points or 0.37 percent, closing at 77,656.09. Meanwhile, the NSE Nifty 50 increased by 116 points or 0.48 percent, ending at 24,335.55.
Initially, the Sensex opened flat at 77,295.49, slipping 73.61 points from its previous close of 77,369.11. However, during the day, it reached a high of 77,666.39, marking an increase of 297.28 points or 0.38 percent.
The Nifty 50 opened at 24,175.75, down 43.29 points or 0.17 percent from its last close of 24,219.05. It later peaked at 24,334.55, showing an intra-day high of 115.5 points or 0.47 percent.
The benchmark indices finished higher, driven by gains in pharmaceutical and PSU bank stocks, which helped offset earlier losses.
In broader market activity, the Nifty Midcap index rose by 0.54 percent, while the Nifty Smallcap index saw a slight decline of 0.10 percent.
Sector-wise, the Nifty Healthcare, Nifty Pharma, and Nifty PSU Bank indices performed well, whereas the Nifty Private Bank and Nifty Metal indices lagged behind.
Among the Nifty 50 stocks, Adani Enterprises, Max Healthcare, Apollo Hospitals, Indigo, Adani Ports, Shriram Finance, Infosys, and Eternal saw the most significant gains. Conversely, HDFC Life, Cipla, and ONGC were among the worst performers.
Market experts noted that the anticipated U.S. sanctions on Iran fell short of expectations, leading to a decrease in crude oil prices and bond yields from recent highs. This relief in energy costs contributed to the market’s positive close on the monthly expiry day.
Experts further indicated that the healthcare and financial sectors outperformed the broader market, as investors shifted towards defensive and domestically focused sectors amid signs of stability in the domestic bond market.
Market participants are now awaiting inflation data and comments from the Fed Chair later this week for clearer insights on inflation and interest rate outlooks.
However, a cautious stance is expected in the near term for Indian equities, as unresolved tensions between the U.S. and Iran keep oil prices and bond yields relatively high, making investors sensitive to sudden shifts in the geopolitical landscape of the Middle East.
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