Markets snap six-day losing streak, indices gain about 1%

Markets snapped a six-day losing streak to rise, with the S&P BSE Sensex gaining 0.72%, or 584.81 points, on Tuesday to close at 81,634 points, primarily driven by a recovery in select heavyweight stocks. 

Analysts attributed this to the victory of the ruling BJP in the Haryana Assembly elections among others. “Good state election result for the ruling party, contrary to the exit polls, has brought some optimism in the domestic market,” said Vinod Nair, Head of Research, Geojit Financial Services.

“RBI policy outcome, though no cut is expected, a plausible change in stance to neutral is anticipated. And investors are likely to focus on the upcoming Q2 results where earnings are likely to improve marginally on a quarter on quarter basis,” he added.

The top Sensex gainers included Adani Ports (4.7%), M&M (3.42%), Reliance (2.01%), HDFC Bank (1.95%), L&T (1.83%) and State Bank of India (1.59%). The NSE Nifty-50 index, too, gained 217.40 points, or 0.88%, to close at 25,013.15.

“Most sectors contributed to the rise, with auto, energy, and pharma leading the gains. The broader indices also saw a recovery, advancing over 2% each,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.

Published - October 08, 2024 07:10 pm IST