Mumbai (Maharashtra): The stock market maintained its positive momentum on Tuesday, with the BSE Sensex crossing the 69,000 mark in early trade, after a stellar start on the previous day.
The Nifty 50 experienced a robust rally, driven by the Bharatiya Janata Party’s resounding victory in recent state assembly polls.
This surge propelled the benchmark to comfortably overcome significant obstacles, resulting in the formation of a long bull candle on the daily charts.
At the opening on Tuesday, the Sensex gained 133.59 points, reaching 68,995.02, while the Nifty opened 41.00 points higher at 20,727.80.
At 10:14 am, Sensex was trading 362.59 points higher at 69,227.71, whereas Nifty was trading 119.10 points up at 20,805.90.
Among Nifty companies, 27 witnessed advances, while 23 faced declines. Top gainers included BPCL, Axis Bank, Adani Enterprises, Adani Ports, and Dr Reddy, while HCL, Infosys, Bajaj Auto, Bajaj Finserv, and NTPC were among the top losers.
Oil prices remained stable amid uncertainty surrounding OPEC+ voluntary output cuts and ongoing tensions in the Middle East. Brent crude futures saw a modest increase of 13 cents, reaching USD 78.16 per barrel, while US West Texas Intermediate crude futures rose by 18 cents to USD 73.22 per barrel.
In the currency market, the rupee initially gained ground but later retreated by 5 paise, settling at 83.38 against the US dollar on Monday.
Gold prices reached new highs in Monday’s Asian trading, driven by expectations of a potential Federal Reserve rate cut by March 2024.
Geopolitical tensions, exemplified by an attack on the Red Sea, further enhanced gold’s appeal. Despite Fed Chair Jerome Powell’s commitment to maintaining higher US rates, recent comments on inflation control and economic stability have shifted market expectations towards a rate pause in December and potential cuts in early 2024.
(With inputs from ANI)
