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News Topical, Digital Desk : On Tuesday, the Indian stock market started on a positive note and the upward trend continued. The Nifty index started the day on a high and maintained its gains till mid-session. It managed to cross the psychological mark of 25,000 for the second consecutive day, but in the end it came down slightly and closed at 24,981 with a gain of 103 points. The broader market performed better. Nifty Midcap 100 gained 1% and Nifty Smallcap 100 gained 0.7%.
The auto sector led the market, with the Nifty Auto index hitting a 10-month high. Expectations of a cut in GST rates and tax relief on essential commodities before Diwali fueled the rally. Oil and gas stocks also gained for the second consecutive session. In the primary market, four IPOs - Patel Retail, Vikram Solar, Gem Aromatics and Shreeji Shipping - opened for subscription.
Eyes on online gaming bill
The market is now eyeing gaming stocks. The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the Online Gaming Bill.
Motilal Oswal's Siddharth Khemka said that sector-specific relief measures, government policy support and strong institutional investment will keep the trend positive in the short term.
Signals from global markets
There was no significant action in the major indexes on Wall Street on Tuesday. Home Depot shares rose 4.6%. This company maintained its annual estimate. Lowe's shares gained 2.7%. This week, investors are eyeing the earnings of big retail companies like Walmart and Target. The impact of consumer spending and US tariffs on corporate estimates will be in focus. Investors are focused on CPI data from the UK and Eurozone and US Fed minutes on Wednesday.
FII - DII figures
After a day of buying, foreign institutional investors have once again made net sales in the cash market. However, buying continues from domestic institutional investors.
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