Indian equities firmed up in intra-day deals on Tuesday led by smart gains in private banking stocks.
The BSE Sensex surged over 500 points to hit a new high at 77,878 levels, while Nifty 50 was registered a fresh summit at 23,668.65 levels. The Bank Nifty rallied past the 52,500-mark for the first-time ever today.
HDFC Bank, Axis Bank and ICICI Bank were the top gainers while Adani Ports and Nestle were the top laggards on BSE.
Broader markets were trading higher, outperforming benchmark indices. Nifty SmallCap was up 0.81 per cent while MidCap was trading 0.15 per cent higher.
Sectorally, Nifty Realty was the top loser, down 1.4 per cent.
Bandhan Bank’s stock declined by 3% following the Reserve Bank of India’s appointment of a director to the lender’s board. This action is typically interpreted as a step towards enhancing oversight of the bank’s operations.
Market View: Anand James, Chief Market Strategist, Geojit Financial Services
Dips came too early in the week to have triggered sustainable weakness as they attracted bargain buying to push Nifty back into the neutral territory by close of the day, yesterday. And yet, the 23580-630 region pencilled down yesterday as the upside marker, remains intact, suggesting that the prospects of a deeper fall towards 23100-22700 is very much alive. But, for now, expect consolidation within the 23350- 630 band, with only feeble expectations of an upside break towards 23960-24130.
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