Nifty ends higher lifted by gains in Reliance, auto stocks, midcaps

The stock market closed higher on Tuesday, lifted by Reliance Industries, auto makers and broader markets, though the Nifty failed to sustain the 25,000 mark for a second straight session.The NSE Nifty 50 rose 104 points, or 0.42%, to 24,981, while the S&P BSE Sensex gained 371 points, or 0.46%, to 81,644. The Nifty Bank index added 130 points to 55,865.

Broader markets sharply outperformed, with the Nifty Midcap 100 climbing 551 points to 57,665. Market breadth was positive, with the advance-decline ratio at 5:2.

Reliance Industries was the top contributor to Nifty gains, advancing 3% after reports that its telecom arm Jio could benefit from potential tariff hikes. Autos also rallied after reports suggested China may lift curbs on rare-earth magnet exports, aiding global supply chains. Tata Motors, Bajaj Auto, Hero MotoCorp, Samvardhana Motherson and Sona BLW were among the top gainers.New-age stocks extended their recent run, with Eternal and Paytm leading the pack, while textile stocks surged after the government scrapped import duties on cotton. Raymond jumped 11%.

PNB Housing rose 4% after exiting the futures and options ban list, while Jayaswal Neco gained 10% on strong volumes. FMCG and consumer durables advanced 2-3% on hopes of GST rate cuts.

Among laggards, Glenmark Pharmaceuticals reversed all gains made after announcing a cancer drug deal last month. GAIL added 1% after sources said the regulator PNGRB could approve tariff revisions in September. Astral and Supreme Industries rose 2-4% after the Directorate General of Trade Remedies recommended anti-dumping duties on PVC resin imports.