Stock Market Closing: Bulls take control of D-Street as Nifty ends above 17,800, Sensex breach 59,000

The Indian market closed higher by more than 1 per cent on Tuesday amid positive global cues and push from power and banking stocks. Domestic equity benchmarks Nifty50 and the S&P BSE Sensex rose by 179.55  points or 1.02% 17,805.25 and by 672.71  points or 1.14% to 59,855.93  on Tuesday.  

Backed by Au Small Finance Bank, State Bank, Axis Bank and Kotak Bank, which surged up to 3.50%, the 12-share Bank Nifty too closed above 36,800.

“We have achieved the 17800-17850 target for the index! There might be some level of resistance between 17800-17950, but eventually the market might want to scale higher to 18050-18100. Any dip or intraday correction can be utilized to add long positions on the Nifty, " said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments 

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NTPC, Powergrid, ONGC, Titan, State Bank of India, Reliance, Axis Bank, TCS, HDFC Bank were among top gainers on the broader Nifty and the 30-share Sensex.  

Tata Motors, Sun Pharma, IndusInd Bank, Infosys, Ultratech cement, Dr Reddy's, Shreeram Cement, Coal India and Tata Consumer were the top laggards on Tuesday.  

During the afternoon trade, Gaurav Garg, Head of Research, Capitalvia Global Research, said," sentiments would remain positive despite hike in unemployment rate as most of the Asian markets trading in green. Our research suggests that 59400 may act as an important level in the market to stay positive. If the market sustained the level of 59400, we may expect it to trade till the range of 60,000," added Gaurav Garg.