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It was the fourth consecutive winning session for the Indian stock market, though indices came off sharply from the day’s highs as investors booked profits following the recent rally, resulting in only modest gains.

The Nifty 50 closed 0.14% higher at 25,108, while the S&P BSE Sensex gained 0.14% to finish at 81,904 points. Broader markets, however, outperformed, with the Nifty Midcap 100 and Nifty Smallcap 100 indices advancing 0.47% and 0.31%, respectively.

Among sectors, Nifty Realty led the gains with a 1.42% surge, followed by Nifty Oil & Gas and Nifty Pharma, both rising 0.50%. The Nifty Auto index also extended its rally, gaining 0.32%, while the Nifty Healthcare index edged up 0.27%.

On the downside, the Nifty Media index was the top laggard, slipping 0.49%, followed by Nifty FMCG and Nifty PSU Bank, which declined 0.40% and 0.39%, respectively.

Meanwhile, US stock futures edged lower on Tuesday as the government shutdown stretched into its seventh day after competing Democrat and Republican funding proposals failed in the Senate.

Still, Wall Street began the week on a strong note, with the S&P 500 and Nasdaq Composite climbing 0.36% and 0.71%, respectively, to new record highs, buoyed by AI-related deal activity and growing expectations of a Federal Reserve rate cut.

RHI Magnesita India emerged as the top performer among the Nifty 500 pack, surging 11% to ₹487.8 apiece amid a sharp spike in trade volumes. Vodafone Idea also made strong moves, advancing 8.4% to ₹9.2 apiece as investors continued to hope for a resolution to the telecom firm’s AGR dues.

According to a Bloomberg report, the government is considering waiving off interest and penalties and providing partial relief on the principal amount of the nearly ₹2 lakh crore demand. The move is reportedly aimed at resolving the issue and strengthening economic ties with the UK.

Meanwhile, railway-related stocks came into action during the last hour of trade, with Ircon International, RailTel Corporation, Titagarh Rail Systems, and Rail Vikas Nigam surging between 2.5% and 6%.

Real estate stocks including Anant Raj, Brigade Enterprises, Aditya Birla Real Estate, and Lodha Developers also jumped up to 4.3%. Netweb Technologies resumed its winning run, climbing 3.2% to ₹4,348 apiece.

Likewise, Nykaa extended its bull run for the second straight session, hitting its highest level since May 2022 at ₹262.40 apiece after rising 2.76%, taking its year-to-date gain to 60.23%.

(more to come)

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