Sensex, Nifty end higher as banking stocks rally; SBI gains 2% – haroonabadvital.com
Benchmark stock market indices closed higher on Tuesday, led by gains in banking sector stocks and Adani Group shares as investors looked beyond the latest GDP numbers.
The S&P BSE Sensex rose 597.67 points to close at 80,845.75, while the NSE Nifty50 rose 181.10 points to close at 24,457.15.
“The upward movement reflects the market’s resilience, as it is bouncing off earlier concerns about slowing GDP and mixed global signals. Key contributors to the rise include key sectors like banking and metals, with stocks like HDFC Bank, Union Bank and Adani Port leading the gains,” Vaibhav said. Vidhwani, Research Analyst at Bonanza.
Aditya Gaggar, Director, Progressive Equities, said that under the leadership of banking stocks, especially PSU stocks; The index continued to double its gains throughout the day and broke through its strong barrier at 24,350 to settle trading at 24,457.15, with gains of 181.10 points.
“Except for FMCG and Pharma, all other sectors ended trading higher with PSU banks and media being the biggest gainers. Mid and small caps remained within the range but outperformed the Frontline Index. As we have been constantly pointing out, the index finally gave a breakout from The inverted head and shoulder formation gives an indication of a trend reversal, i.e. from negative to positive. According to the model, the approximate target is 25,440. He added: “24660, while support turned to 24,300.”
