The Nifty reversed early losses to end higher on Tuesday, closing near the day’s highs, lifted by financial heavyweights including Kotak Mahindra Bank and select auto names, even as weakness in pharma and consumer discretionary stocks capped gains.
The benchmark BSE Sensex rose 270 points to close at 83,713, while the broader Nifty 50 gained 61 points to 25,523. The Nifty Bank index climbed 307 points to 57,256, supported by buying in private lenders. In contrast, the Nifty Midcap 100 index slipped 100 points to 59,415, reflecting broader market caution.
Kotak Mahindra Bank was the top gainer on the Nifty, rising over 3% after a strong Q1 business update, while Titan Company slumped 6%, making it the biggest laggard, following below-estimate growth in its jewellery segment during the June quarter.
Pharma stocks saw broad-based selling after Macquarie cut price targets on several sector names. Dr. Reddy’s Laboratories led losses among large-cap pharma counters.
Tata Motors ended marginally higher after JLR’s Q1 sales were largely in line with expectations, while Macrotech Developers recovered to close with minor losses following its Q1 operational update.
Market participants also reacted to reports that SEBI may take steps to curb volatility in the options market, leading to pressure on stocks such as BSE Ltd and Angel One, both of which declined.
In midcaps, Belrise Industries surged 10% after Jefferies initiated coverage with a ‘buy’ rating, while Gabriel India jumped another 8%, extending its monthly gains to over 40%.
CONCOR recovered from intraday lows after reporting EXIM volumes for Q1 that were ahead of its FY26 guidance. Textile stocks ended with gains following U.S. tariff hikes on Bangladeshi exports, which could improve India’s relative competitiveness.
Top midcap gainers included NHPC, IIFL Finance, Delhivery, Apollo Tyres, and HDFC AMC.
Despite the late-day recovery, market breadth remained weak, with the advance-decline ratio at 4:5, indicating more stocks closed in the red than in the green.
