Closing Bell: The stock market is making a U-turn as Sensex and Nifty are up almost 1%

Stock markets close (Image source: iStockphoto)

After a massacre on D-street, Sensex And Handy reversed Monday’s trajectory, rising nearly 1 percent and closing in the green on Tuesday.

The Sensex jumped over 694.39 points to end the day at 79,476.63. Meanwhile, Nifty gained 217.95 points to close at 24,213.30.

Tata Steel, JSW Steel, Hindalco, Bajaj Autoand Axis Bank were among the top winners on the Nifty index. Trent, Adani GatesAsian paints, ITC and Infosys were among the best losers.

According to the exchange data, on the previous trading day, foreign institutional investors (FIIs) sold shares to the tune of Rs 4,329.79 crore and domestic institutional investors (DIIs) bought shares to the tune of Rs 2,936.08 crore respectively.

Rupak De, Senior Technical Analyst at LKP Securities, said: “Nifty has found support around a historic swing low for the second day in a row. Looking ahead, a buy-on-dips strategy could be beneficial for traders as long as Nifty is above 24,000 remains on the higher side, Nifty could move towards the 24,750-24,800 range, however, the buy-on-dips strategy will need to be revised once Nifty comes back down is 24000.”