NSE Nifty 50 closes slightly higher amid mixed trading day

NSE Nifty 50 closes slightly higher amid mixed trading day

A man watches India's share index on the BSE building screen.

Sensex declines marginally

The NSE Nifty 50 closed 0.02 per cent higher on Tuesday, at 23,264.15. In contrast, the BSE Sensex fell slightly, closing 0.08 per cent lower at 76,427.69. The trading session began on a strong note, with the Nifty 50 up 24.55 points at 23,283.75, and the Sensex up 190.82 points to 76,680.90 at the opening bell.

Mixed performance across broader indices

Add WION as a Preferred Source

During the session, the broader market indicators showed mixed performance. The Bank Nifty index fell 29.70 points, or 0.06 per cent, to close at 49,751.20. Despite the uneven start, certain stocks saw big movement. ONGC, Tata Motors, L&T, Adani Ports and SEZ, and Hero MotoCorp were the biggest gainers in the Nifty 50. Kotak Bank, Divi's Lab, Dr. Reddy's Laboratories, Reliance Industries, and ITC were the biggest laggards.

Housing finance stocks surge post Modi cabinet decision

Housing finance stocks surged during the Modi 3.0 government's first Cabinet meeting. The Cabinet approved funding for the construction of an additional 3 crore rural and urban housing through the Pradhan Mantri Awas Yojana (PMAY). This judgment increased investor confidence in housing financing firms.

Homes First Finance's stock surged 11.4 per cent to an intraday high of Rs 963. Aavas Financiers also had a huge increase, rising 9.2 per cent to a new 52-week high of Rs 1,894. Other housing finance equities, such as PNB Housing, NBCC, GIC Housing Finance, and HUDCO, gained between 7.1 per cent and 8.5 per cent.

Sectoral and market analysis

While the overall market sentiment was mixed, housing finance stocks performed very well. In comparison, the benchmark index Nifty 50 returned 6 per cent in the last five days. This increase in housing finance stocks is ascribed to the government's commitment to increasing housing infrastructure, which is likely to have a favourable long-term influence on the industry.

(With inputs from Agencies)