Closing Bell: Markets snap two-day losing streak as benchmarks gain nearly 1%

Indian equity markets rebounded on Tuesday, snapping a two-day losing streak, with benchmark indices gaining nearly 1% each as buying returned across sectors.

The Sensex rose 640 points to close at 78,206, while the Nifty advanced 234 points to settle at 24,262, reclaiming the 24,250 mark. Gains were largely driven by heavyweights including ICICI Bank, Mahindra & Mahindra and Axis Bank, which emerged among the top contributors to the Nifty’s rise.

Broader markets outperformed the frontline indices, with the Nifty Midcap index climbing 912 points to 57,178, reflecting stronger participation across mid-sized companies. The Nifty Bank index surged 931 points to close at 56,951, further supporting the broader market recovery.

Market breadth remained firmly positive, with 42 of the 50 Nifty stocks ending higher, including 15 stocks that rose more than 2%. The NSE advance-decline ratio stood at 4:1, highlighting strong buying interest across the market.

Among individual stocks, Dixon Technologies surged over 12% after the government eased foreign direct investment norms under Press Note 3. Happiest Minds Technologies

jumped 17% after the company raised its FY27 growth projection to 12.5% from 10%.

Redington gained 11% following reports of a potential 25% shift in Apple iPhone production to India, while fertiliser stocks also rallied after the government’s gas supply regulation order, with FACT hitting a 20% upper circuit.

Among other movers, Escorts Kubota rose 4% after Kotak Institutional Equities upgraded the stock to ‘Add’ from ‘Sell’, while Uno Minda gained 3% after Jefferies initiated coverage with a ‘Buy’ rating. Cyient advanced 6% following a partnership with Prospecta for a data management platform.

On the downside, Polycab and KEI Industries fell up to 6% amid concerns over volume growth.

In the currency market, the rupee strengthened to close at 91.81 per dollar, compared with 92.33 per dollar in the previous session.

“The Nifty staged a decent recovery after a volatile session, but the index is nearing a resistance zone around 24,300–24,350 where sellers may re-enter. The broader bias remains sell-on-rise. Immediate support is placed at 24,150; a break below this level could trigger fresh selling and drag the index towards 23,800,” said Rupak De, Senior Technical Analyst at LKP Securities.