Benchmark indices Sensex and Nifty extended the recovery for the second straight session as buying interest in select heavyweights, particularly technology stocks, picked up after a flat open. The rupee also strengthened against the US dollar, offering some relief to domestic sentiment. The 30-share BSE Sensex closed 413.66 points or 0.56 per cent higher at 74,729.27. During the day, the benchmark hit a high of 74,778.78 and a low of 74,012.99, gyrating 765.79 points. Similarly, the 50-share NSE Nifty gained 148.80 points or 0.65 per cent to close at 23,146.15. However, the broader market ended the session in the red. The BSE MidCap Select Index fell 65.74 points, or 0.37 per cent, while the BSE SmallCap Select Index fell 12.63 points, or 0.14 per cent.
Among sectoral indices, Nifty IT was the biggest gainer, up 3.92 per cent, followed by Nifty Media, up 1.92 per cent. Meanwhile, Nifty FMCG fell 0.39 per cent.
“Markets quickly rebounded from a weak start and rallied sharply before trading in a range with a positive bias for the remainder of the session. The gains extended into a second consecutive session, supported by a sustained rally in IT stocks. A global sell-off in AI-linked stocks prompted investors to rotate towards traditional software companies. Concerns over rising inflation and the prospect of further interest rate hikes dampened risk appetite, prompting investors to reduce their exposure to AI-related stocks,” said Ankur Punj, Managing Director, Equirus Wealth.
Top gainers and losers
Among the 30-Sensex firms, Tech Mahindra, TCS, Infosys, Bharati Airtel, and M&M were the major gainers, with Tech Mahindra gaining 8.45 per cent today. On the flip side, Indigo, Reliance, Asian Paints, BEL, and ITC were among the laggards. Indigo shares fell 2.23 per cent today.
Today, 18 of the 30 Sensex companies closed in the green, while the remaining 12 closed in the red. Meanwhile, 26 of 50 Nifty 50 companies also closed in the green, while the other 24 closed in the red and one remained unchanged.
Rupee continues upward trajectory
Meanwhile, the Indian rupee continues its upward trajectory, settling comfortably past the psychological mark of 95 per dollar.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
