Driven by positive global cues, the domestic stock market successfully rebounded from Monday’s dip. On Tuesday, the market closed on a high note, with both the Sensex and Nifty wrapping up the day with an increase of more than 1%. Consequently, the total market capitalization of all companies listed on the BSE saw an addition of ₹3 trillion.
Market Snapshot:
By the end of trading on Tuesday, the Sensex surged by 567 points, settling at 66,079, while the Nifty spiked by 180 points, ending at 19,693. The Nifty Bank index showcased a robust gain of 493 points, closing at 44,379, and the Nifty Midcap index climbed by 562 points to rest at 40,307.
Key Stock Movements:
Before Wednesday’s quarterly results, TCS closed slightly lower. Following a surge in gold prices, Muthoot Finance and Manappuram Finance shares saw an uptick of 2-3%. Positive reports from brokerage firms led to a 6-7% increase in shares of Escorts Kubota and City Union Bank.
The realty sector attracted considerable buying interest post the quarterly updates. The Nifty Realty index hit its highest in 15 years. Within the real estate sector, companies like Godrej Properties, Oberoi Realty, Keystone Developers, and Purvankara outperformed others.
On the flip side, post its quarterly results, GM Breweries’ stock dipped by 10%, reflecting underwhelming company performance. Towards the end of the day, metal stocks exhibited a sharp increase, driven by relief package reports from China. The Nifty Metal index closed with a 2% gain. Notably, Nuvama revised its target price for Coal India, resulting in the stock surpassing ₹300 per share for the first time in five years.
Adani Group’s Performance:
Recovery was observed in the market capitalization of Adani Group companies. Throughout the day, Adani Group’s total market capitalization saw an increment of ₹21,000 crore. Backed by positive notes from brokerage firms, Adani Ports closed with a 4% gain. Meanwhile, amidst the patent dispute over Revlimid, Dr. Reddy’s Labs witnessed a decline.
