Sensex and Nifty Recover From Heavy Losses to End Marginally Higher Amid IT Stock Rally

Indian stock markets recovered from sharp intraday losses and ended marginally higher in today’s trading session, supported by strong buying interest in information technology and select blue-chip stocks.

During early morning trade, the Sensex plunged by 1,134.78 points to touch 74,180.26. However, the benchmark index later recovered most of its losses and closed 77.05 points higher at 75,315.04. The Nifty also ended slightly higher by 6.45 points at 23,649.95.

Among Sensex stocks, major gainers included Tech Mahindra, Infosys, Bharti Airtel, Bajaj Finserv, Sun Pharma, HCL Technologies, Bajaj Finance, and Tata Consultancy Services. On the other hand, shares of Tata Steel, Power Grid Corporation, State Bank of India, and NTPC ended lower.

In the Nifty 200 index, IT companies such as Persistent Systems, Coforge, and Oracle witnessed strong buying interest and gained between 4% and 5%.

Market breadth remained weak despite the recovery, with around 1,216 stocks advancing, while 2,891 stocks declined. Around 182 stocks remained unchanged during the session.

Analysts noted that the continuing geopolitical tensions between the United States and Iran continued to cast a shadow over short-term market sentiment. However, investor interest in IT and banking stocks helped the markets recover from deeper losses and close in positive territory.

The information technology sector emerged as one of the best-performing sectors of the day, with the IT index rising more than 2%.

Across Asian markets, Japan’s Nikkei index, China’s SSE Composite, and Hong Kong’s Hang Seng ended lower, while South Korea’s Kospi index closed with gains. European markets traded on a mixed note.

Meanwhile, US markets had closed more than 1% lower on Friday.

According to market data, foreign institutional investors purchased shares worth Rs 1,329.17 crore on Friday.

Global Brent crude oil prices also increased by 0.73%, trading at 110.1 US dollars per barrel.