Closing Bell: Nifty ends above 17,300, Sensex adds more than 300 points; Pharma, healthcare lead rally

Extending gains for the second day, the Indian market ended nearly half per cent higher amid positive global cues on Tuesday. Bluechip Nifty50 managed to close above 17,300, while the Sensex added more than 300 points amid volatility. The two indices ended at 17,325.30 and 57,943.65 respectively.  

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Bank Nifty too swung higher as the 12-share banking index gained over 100 points to settle above 35,800. In the broader market, Nifty midcap and smallcap too ended with gains of over 0.25% even as India VIX settled near 21-mark.  

Buying interest was seen In Pharma, healthcare, financial services and consumer durables, while PSU Bank, Media and oil gas slipped into red.  

Eicher Motors, Divis Laboratories, JSW Steel, Adani Ports, HDFC Ltd, Bharti Airtel, Ultratech Cement, HDFC Bank and Sun Pharma were among top gainers in a range-bound market.  

Hero MotoCorp, ONGC, Coal India, IOC, ITC, Tata Steel, NTPC, PowerGrid, IndusInd Bank and Maruti were top laggards.  

Mohit Nigam, Head, PMS, Hem Securities, said stocks gained amid expectations of progress in negotiations between Russian and Ukrainian delegates in Istanbul, Turkey.

Firm global mood and fall in crude oil prices gave market bulls a leg up on Tuesday, while high US inflation and an increasingly hawkish Fed can be a major headwinds in near future, Nigam said.

Nifty 50 closes its day above above good resistance zone of 17,300 and if index holds above 17,300 mark, then we may see more upwards move towards 17,600-17,800 mark, another resistance zone on the upside, says Nigam. 

"The market breadth as skewed in the favour of bears. About 1,427 stocks advanced, 1,982 declined and 108 remained unchanged. In the 50-share pack, Eicher Motors was the biggest gainer, up 4.22% per cent. Hero MotoCorp was the top loser in the pack, down by -7.04 per cent. Adani Ports, Divis Labs and JSW Steel were other gainers in the pack. Crucial support for Nifty 50 is 17,100 while Nifty may face some resistance at 17,500," the expert added.

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