Indian Equity Markets Continue Upward Momentum Led by Banking and IT Stocks

Mumbai, February 17: Indian stock markets close higher for the second consecutive session on Tuesday, supported by gains in banking, IT, and capital goods stocks, even as global cues remain subdued.

Benchmark Indices End in Positive Territory​

The 30 share BSE Sensex rises 173.81 points, or 0.21 percent, to settle at 83,450.96. During the session, the index moves between an intraday high of 83,598 and a low of 82,987.43.

The 50 share NSE Nifty advances 42.65 points, or 0.17 percent, to close at 25,725.40.

Market participants maintain a cautious stance amid muted global signals, but selective buying in key sectors helps benchmarks extend Monday’s gains.

IT, PSU Banks and Capital Goods Drive Market Momentum​

Among Sensex constituents, gains are led by ITC, Bharat Electronics Ltd, Larsen & Toubro, Infosys, Asian Paints, Titan Company, Adani Ports, HCL Technologies, Sun Pharmaceutical Industries, Maruti Suzuki India, InterGlobe Aviation, State Bank of India, and Tech Mahindra.

On the other hand, Tata Steel, Reliance Industries, Mahindra & Mahindra, Bajaj Finserv, Axis Bank, Bharti Airtel, Kotak Mahindra Bank, and Hindustan Unilever close lower.

Broader markets mirror the positive tone. The BSE Smallcap Select Index rises 0.49 percent, while the Midcap Select Index gains 0.26 percent.

Sectorally, PSU Bank index jumps 2.36 percent, followed by IT at 1.15 percent, Industrials at 1.13 percent, Services at 0.98 percent, Focused IT at 0.94 percent, FMCG at 0.87 percent, Consumer Durables at 0.85 percent, and Capital Goods at 0.76 percent. Metal, Commodities, Energy, and Realty indices underperform.

IT Stocks Recover; Defence Shares Gain Ahead of Key Meeting​

IT stocks extend gains for a second day after a recent correction. Sentiment improves after Infosys announces a strategic partnership with Anthropic, easing concerns related to AI driven disruption.

Defence stocks rise 1.3 percent ahead of a scheduled meeting between Emmanuel Macron and Narendra Modi, with expectations around discussions on additional Rafale fighter jets.

On the downside, metal stocks remain under pressure, tracking weakness in precious metal prices. The Nifty Metal index declines 1 percent.

Market Breadth and Investor Activity​

Market breadth remains positive, with 2,447 stocks advancing, 1,756 declining, and 149 remaining unchanged.

The total market capitalization of BSE listed companies rises by Rs 1,52,688.24 crore to Rs 4,70,11,313.57 crore, equivalent to USD 5.18 trillion.

Foreign institutional investors sell equities worth Rs 972.13 crore on Monday, while domestic institutional investors purchase stocks worth Rs 1,666.98 crore, according to exchange data.

Global Cues Remain Mixed​

In Asia, Japan’s Nikkei 225 settles 0.47 percent lower, while markets in China, Hong Kong, and South Korea remain closed for the Lunar New Year holidays.

European markets trade higher in mid session deals. US markets remain closed on Monday due to Presidents Day.

Brent crude, the global oil benchmark, declines 0.79 percent to USD 68.13 per barrel.

On Monday, the BSE Sensex had surged 650.39 points to 83,277.15, while the NSE Nifty had climbed 211.65 points to 25,682.75, setting the stage for the current two day rally.