Indian equity benchmarks staged a powerful rally on Tuesday, breaking out of recent consolidation with robust broad-based participation. The BSE Sensex Close skyrocketed +1,225.07 points (+1.62%) to settle at 76,917.85, while the NSE Nifty 50 Close surged +370.05 points (+1.58%) to end at 23,810.85.
Sectorally, Nifty Bank, Financial Services, and Nifty IT spearheaded the momentum, recording substantial gains. Financial heavyweights ICICI Bank, HDFC Bank, and Axis Bank provided major upward traction alongside IT major Infosys and Reliance Industries. Conversely, defensive sectors like FMCG saw mild underperformance amidst strong risk-on appetite.
Macroeconomic indicators supported the bullish sentiment. Global risk appetite rebounded following strong overnight US cues and firm Asian markets. Softer Brent crude oil prices hovering near $74 per barrel provided relief to import-dependent India. Meanwhile, preliminary institutional data indicated renewed foreign institutional investor (FII) buying alongside steady domestic institutional (DII) support. The Indian Rupee also held firm against the US Dollar, creating a conducive backdrop for equity bulls.