Sensex and Nifty reach two-month high as foreign buying rises
Benchmark indices rose for a fourth consecutive session on Tuesday, driven by foreign investor activity and falling crude oil prices.
The Sensex and Nifty 50 rose for a fourth consecutive session on Tuesday, closing at their highest levels in nearly two months. The Sensex settled at 76,917.85, up 1.6 per cent, while the Nifty 50 gained 1.6 per cent to reach 23,811, according to reports by The Economic Times and Financial Express.
The rally follows a period where both indices gained approximately 5 per cent over the last four sessions. Investors' wealth increased by Rs 14.2 lakh crore during this period, with Rs 4.53 lakh crore added on Tuesday alone.
Foreign portfolio investors (FPIs) have increased their activity, with net purchases reaching between ₹25,400 crore and Rs 32,317 crore over the past 11 trading sessions. Analysts noted that falling crude oil prices and robust second-quarter corporate earnings have also supported market sentiment.
HDFC Bank, ICICI Bank, and Bharti Airtel were among the major gainers. HDFC Bank rose 2.9 per cent, contributing significantly to the Nifty's gains. Other top gainers included Hindustan Unilever, Asian Paints, and UltraTech Cement.
Ajit Mishra, SVP–Research at Religare Broking, said sentiment was supported by easing crude oil prices and signs of renewed foreign investor participation. However, he cautioned that the Nifty could encounter selling pressure in the 23,800–23,900 zone.