Final Trade: Nifty holds above 23,500, Sensex gains 239 pts; auto, realty lead gains

Equity markets remained resilient on Tuesday as the Nifty reclaimed the 23,500 mark, while the Sensex added 239 points to trade at 77,578 by early afternoon. Gains in auto, realty, and IT stocks helped offset declines in metals, PSU banks, and oil & gas sectors.

Top performers on the Nifty included M&M, Trent, Tech Mahindra, HDFC Bank, and Eicher Motors. On the flip side, Reliance Industries, SBI Life, Tata Consumer, and Hindalco were among the notable laggards.

Sectorally, auto and realty indices led the pack with gains of up to 2.5 per cent, followed by IT and pharma. Meanwhile, metal, oil & gas, and PSU banks slipped 0.5 per cent each, weighing on broader sentiment. The BSE Midcap and Smallcap indices outshone benchmarks, rising nearly 1 per cent each.

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Vinod Nair, Head of Research at Geojit Financial Services, observed, "The strong bounce-back due to bottom fishing was short-lived as caution prevails in the market. Investors are booking profits amidst consistent FII selling and weak Q2 earnings. However, a recovery might follow with an anticipated increase in central and state spending in the second half."

The markets are likely to stay range-bound, with investors tracking global cues and awaiting clarity on earnings and political developments, including the Maharashtra state election.