Sensex, Nifty close higher amid market rally, Adani Green shares down 9%

Benchmark stock market indices closed higher on Tuesday after it witnessed a strong rally helped by a surge in banking, financial and energy stocks.
The S&P BSE Sensex added 992.84 points to end at 80,109.85, while the NSE Nfity50 gained 314.65 points to close at 24,221.90.
Vinod Nair, Head of Research, Geojit Financial Services said that major state election results lifted market sentiment and increased the scope of stability in government spending in H2FY25 to meet the capex target.
“The rally was broad-based, while capex-linked sectors like infra, capital goods, and industrials outperformed in expectation of a surge in new order inflows. The prospects of H2 remain positive due to a good monsoon, festival, and marriage season, which could ease the impact of earnings downgrades that happened in Q2,” he added.
In today’s trading session on the Nifty50, ONGC emerged as the top performer with a substantial surge of 5.48%, followed by Bharat Electronics Limited (BEL) which jumped 4.33%.
Infrastructure giant Larsen & Toubro (LT) showed strong momentum rising 4.26%, while BPCL advanced 4.01%. Shriram Finance rounded off the top gainers with a gain of 3.78%.
On the declining side, JSW Steel faced the steepest fall of 2.32%, while technology stocks were under pressure with Tech Mahindra dropping 0.71% and Infosys declining 0.59%. Auto sector stocks showed weakness with Maruti Suzuki falling 0.55% and Bajaj Auto slipping 0.39%.
“In addition to the market sentiments, the government expects food inflation to fall in the coming months due to a bumper Kharif harvest, which could bolster consumer confidence and lend stability to the broader market. Meanwhile, the Nifty index is likely to trade within a 3-5% range against 23,300 levels and has already gained 4.50% from this range. I would recommend the market participants use a neutral strategy as the market has equal potential for swings in both directions,” said VLA Ambala, Co-Founder, Stock Market Today (SMT).
All the 16 sectoral indices closed in green with PSU banks seeing the largest jump.
“While the early rally may have helped, the near-term outlook for the market will depend on whether Nifty can decisively break above the 24,350 resistance level. Until that happens, the volatility will continue since investors will be cautious as the options data reflects significant call writing at 24,400 and put writing at 24,200,” said Vinnaayak Mehta, Founder of The Infinity Group.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)