MUMBAI : Indian shares recovered on Tuesday after an early fall, with the Sensex gaining 286.98 points and the Nifty climbing back above 24,300 as lower crude prices eased some pressure on the market.
The Sensex closed at 77,656.09, up 0.37%, while the Nifty 50 ended at 24,334.55, gaining 115.50 points, or 0.48%. The Nifty had fallen below 24,200 earlier in the session before buying returned towards the close.
Trading remained volatile through the day. Tuesday also marked the first monthly derivatives expiry since the introduction of the Closing Auction Session, adding to activity near the end of trading.
Crude oil was one of the main factors supporting the recovery. Brent crude fell below $90 a barrel after dropping more than 3%, easing some concern over the impact of higher oil prices on India’s import bill. Investors have been watching the effect of fresh US sanctions on Iran and the possibility of disruption to oil supplies from the region.
The rupee also strengthened, ending around ₹95.43 against the US dollar. The broader market gave a mixed picture. The Nifty Midcap 100 gained 0.54%, while the Nifty Smallcap 100 slipped 0.10%.
Adani Enterprises was among the strongest performers on the Nifty, rising 3.72%. Max Healthcare gained 2.57%, Apollo Hospitals rose 2.15%, InterGlobe Aviation added 2.01% and Adani Ports gained 1.83%. Selling was seen in several other stocks. HDFC Life fell 1.13%, Cipla declined 1.11%, ONGC dropped 1.08%, Coal India lost 0.71% and Hindalco Industries slipped 0.70%.
Among the major Sensex stocks, Adani Ports, Infosys, Trent and Titan finished higher. Eternal, HCLTech, Power Grid, Bajaj Finserv and HDFC Bank ended lower.
Banking stocks also supported the market. ICICI Bank gained 0.64%, while SBI and several other large lenders attracted buying during the session.
The recovery came even as investors remained cautious about developments in the Middle East. Oil prices, US bond yields and the effect of sanctions on Iran remain important factors for Indian markets.
Investors will also be watching upcoming domestic inflation figures and signals from the US Federal Reserve.
