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Indian Stock Market Closes Higher on Positive Global Cues
The Indian stock market closed higher on Tuesday, led by gains in IT, realty, and oil & gas stocks. The Sensex rose 99 points, or 0.22%, to close at 45,974, while the Nifty gained 30 points, or 0.16%, to close at 18,600.
The positive sentiment in the Indian market was in line with gains in other global markets. The US stock market closed higher on Monday, with the Dow Jones Industrial Average rising 200 points, or 0.57%, and the S&P 500 gaining 24 points, or 0.54%.
In the Indian market, IT stocks were the top gainers, with Infosys rising 2.5%, TCS gaining 2.2%, and Wipro rising 1.9%. Realty stocks also saw gains, with DLF rising 2.2%, and HDFC Realty gaining 1.9%. Oil & gas stocks were also higher, with ONGC rising 1.8%, and Reliance Industries gaining 1.6%.
The positive sentiment in the market was supported by positive macroeconomic data. India's inflation rate fell to 4.25% in May, the lowest level in 25 months. This suggests that the central bank may not need to raise interest rates aggressively in the near future.
The market is likely to remain volatile in the near future, as investors continue to assess the impact of rising inflation and interest rates on economic growth. However, the positive sentiment in the market is likely to continue, as investors look for opportunities to buy stocks at attractive valuations.
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