Greenery returned to the stock market; Sensex strengthened by 300 points, Nifty crossed 25850

On Tuesday, the benchmark equity indices Sensex and Nifty turned green. The previous session saw investors book near-record profits. As a result, the market closed in the red. However, index heavyweight stocks such as Reliance Industries, IT, and banking saw gains on Tuesday. At 9:19 a.m., the BSE Sensex was up 328 points, or 0.39%, at 84,6028. Nifty50 rose 85 points, or 0.33%, to 25,895.

The biggest contributors to the gain of Sensex were HDFC Bank, Infosys, L&T, ICICI Bank, Reliance Industries, Axis Bank, and Tech Mahindra while Asian Paints, JSW Steel, Bajaj Finance, Tata Steel, and HUL declined. On the domestic front, auto stocks rose as much as 1.6% ahead of the release of monthly sales data later in the day. Ashok Leyland was the top gainer in the Nifty auto index. The Nifty IT index was up 0.9% led by Tech Mahindra, Infosys, and Mphasis after comments by Federal Reserve Chairman Jerome Powell crushed hopes of another sharp rate cut.

On Monday, Jerome Powell Powell indicated that the US central bank will likely stick to policy rate cuts after new data showed confidence in economic growth and consumer spending. Among individual stocks, SpiceJet jumped 5.5% higher. Gujarat-based Plutus Wealth Management acquired 85 lakh shares of SpiceJet, worth Rs 51 crore, through a block deal. The stock rallied after the news broke.