Stock market update: Market opens strong after a long weekend; auto and bank stocks led the rally
PTC Web Desk: The Indian stock market made a strong comeback on Tuesday after being closed for a long weekend. Both major indices, the BSE Sensex and NSE Nifty50, saw big gains early in the day, mainly thanks to a rally in auto and banking stocks. By 9.22 am, the Sensex was up 1,580 points at 76,737, and the Nifty50 rose 467 points to 23,295.
Market experts said the rally was partly because global markets, like the US S&P 500, had already gone up a lot in recent weeks. They explained that the Indian market was still catching up, and that’s helping push prices higher.
Leading the gains was Tata Motors, which jumped over 5%, followed by Larsen & Toubro, Mahindra & Mahindra, HDFC Bank, and ICICI Bank, all of which also saw strong gains.
On the other hand, only a few stocks went down. Nestle India was the biggest loser, falling slightly by 0.33%, with ITC and Hindustan Unilever also dipping a little.
Aditya Gaggar, Director of Progressive Shares, mentioned that the FMCG (Fast-Moving Consumer Goods) sector is showing signs of turning positive, but the final signal depends on how prices move in the next few days. He also noted that the metal sector still looks uncertain due to global issues, although things might settle down after the US paused new tariffs for 90 days.
He added that domestic factors like inflation data (CPI, WPI), factory output (IIP), and company earnings could bring some ups and downs to the market this week.
- With inputs from agencies
