Market Rally: Sensex Jumps 548 Points, Nifty Hits 24,510 as Bulls Charge Back on Tuesday
Indian markets opened Tuesday with strong gains as the Sensex surged 548 points to cross 79,000 and Nifty reclaimed the 24,500 level. The rally, driven by heavyweights like ICICI Bank and Reliance, comes as domestic investors look past oil shocks to focus on strong Q4 corporate earnings.
- Republic Business
- 2 min read
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Indian equity benchmarks, the BSE Sensex and NSE Nifty 50, witnessed a robust opening on Tuesday, erasing previous session jitters. Driven by strong institutional buying and positive cues from Asian peers, the headline indices scaled key psychological levels within the first hour of trade.
As of 10:18 AM IST, the BSE Sensex was trading at 79,068.62, up by 548.32 points or 0.70%. Simultaneously, the Nifty 50 rose by 145.30 points or 0.60%, comfortably hovering at the 24,510.60 mark.
Market breadth remained firmly in favor of the bulls, with the Nifty hitting an intraday high of 24,524.85 after a steady open at 24,374.55. The recovery indicates that domestic investors are successfully absorbing the macro-volatility triggered by the ongoing Middle East energy crisis.
Nifty Reclaims 24,500
The reclamation of the 24,500 level is being viewed as a significant technical breakout by analysts. After testing a low of 24,354.90 earlier in the session, a sharp "V-shaped" recovery took the index past its immediate resistance.
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- Support: 24,350 remains a crucial floor for the day.
- Resistance: If the index sustains above 24,525, it could head toward the 24,680 zone.
ICICI Bank & Reliance Lead the Pack
The rally is largely supported by banking and energy heavyweights. ICICI Bank continues to find buyers following its stellar Q4 performance, while Reliance Industries is providing the necessary "muscle" to the Nifty. The Bank Nifty index is also outperforming, gaining nearly 0.85% as risk appetite returns to financial stocks.
Cooling Tensions?
The rebound in Mumbai mirrors a tentative recovery in global markets. While Brent crude remains elevated near $95, the absence of further military escalation in the Strait of Hormuz over the last 24 hours has allowed traders to pivot back to fundamentals. However, volatility could return if the U.S.-Iran ceasefire talks in Islamabad hit a fresh roadblock on Wednesday.