Indian stock markets ended marginally higher on Tuesday, driven by buying in IT counters and positive global cues. The BSE Sensex rose 89.28 points or 0.12 per cent to close at 73,738.45, while the NSE Nifty gained 28.00 points or 0.13 per cent to settle at 22,403.85.
Market Movers
Among the Sensex pack, Infosys, Tech Mahindra, HCL Technologies, and TCS were the top gainers, rising up to 2 per cent. On the other hand, HDFC Bank, ICICI Bank, and Reliance Industries were among the laggards, capping the gains.
Sectoral Performance
On the sectoral front, the BSE IT index jumped 1.5 per cent, while the BSE Teck index rose 1.2 per cent. However, the BSE bankex and finance indices ended in the red, declining 0.3 per cent and 0.2 per cent, respectively.
Broader Market
The broader market also performed well, with the BSE midcap index gaining 0.4 per cent and the smallcap index adding 0.5 per cent. The market breadth was positive, with 1,983 stocks advancing, 1,768 declining, and 159 remaining unchanged on the BSE.
Global Cues
Global markets were mixed, with Asian peers closing mostly higher, while European markets traded lower in early deals. The US markets ended on a positive note on Monday, supported by technology stocks.
Investor Sentiment
Investors are now awaiting the release of US inflation data later this week, which could provide cues on the Federal Reserve's interest rate trajectory. Meanwhile, foreign institutional investors (FIIs) sold equities worth Rs 1,234 crore on Monday, while domestic institutional investors (DIIs) bought equities worth Rs 1,567 crore.
Outlook
Analysts expect the market to remain range-bound in the near term, with a focus on IT and pharma sectors. The upcoming quarterly results and global cues will dictate the market direction in the coming days.
