Indian stock markets made a recovery on Tuesday, reversing the downward trend that had persisted for the past seven sessions. The Sensex gained 239.38 points, closing at 77,578.38, a rise of 0.31%. Similarly, the Nifty rose 64.70 points, settling at 23,518.50, up by 0.28%.
This positive movement was driven by value buying, especially in sectors such as auto, media, real estate, and consumer durables. However, the metal, PSU bank, and oil and gas sectors experienced losses. Despite a sharp upward movement early in the session, profit-booking at higher levels led to a moderation in the gains.
“An important takeaway from the recent market trend is that a quick and sharp recovery is not in sight,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“There can be recoveries which are unlikely to sustain given the selling mode of the FIIs and the concerns surrounding the weak earnings growth feared in FY25. At best the market may consolidate around the present levels with sideways movements. Sustained up moves will emerge only when incoming data indicates earnings recovery,” Vijayakumar added.
(ANI)