Nifty crosses 19,800-mark on all round buying

Benchmark indices closed greater on Tuesday with Nifty surpassing 19,800, due to widespread buying throughout numerous sectors, says Mandar Bhojane, Equity Research Analyst, Choice Broking.

At the closing bell, the Sensex was up by 261.16 factors or 0.39 per cent, reaching 66,428.09, and the Nifty gained 79.70 factors or 0.40 per cent, closing at 19,811.50.

The prime gainers on the Nifty included BPCL, Power Grid Corporation, SBI Life Insurance, HDFC Life, and Coal India. On the opposite hand, the losers for the day had been Tata Motors, L&T, UPL, IndusInd Bank, and TCS, he stated.

Vinod Nair, Head of Research at Geojit Financial Services stated the market’s gap-up opening at the moment, offsetting the losses of the previous three days, signifies an optimism over the continued Q2 earnings regardless of issues in regards to the Middle East and subdued begin by the IT sector.

The upward pattern was broad-based with explicit upside in Banking, Oil & Gas and FMCG sectors. However, some profit-taking was evident because the day concluded. FIIs proceed to withdraw funds as a result of rise in US bond yields.

An perception in regards to the future route of rates of interest is anticipated from the Fed chair’s upcoming speech on October nineteenth. While the market may even intently monitor the developments within the Israel- Hamas battle, with a consensus rising that the geopolitical danger is not going to elevate, he stated.

(With inputs from IANS)