Sensex recovers to end 77 points up, Nifty above 23,600; IT stocks rally
The S&P BSE Sensex added 77.05 points to end at 75,315.04, while the NSE Nifty50 gained 6.45 points to close at 23,649.95.
Benchmark stock market indices recovered to close in green, rebounding over 900 points from the day's low as Dalal Street saw buying after early selloff. IT stocks were major gainers.
The S&P BSE Sensex added 77.05 points to end at 75,315.04, while the NSE Nifty50 gained 6.45 points to close at 23,649.95.
Vinod Nair, Head of Research, Geojit Investments Limited, said that the prolonged stalemate between the US and Iran continues to cast a shadow over near-term sentiment, yet the equity market managed to recover intraday losses and closed on a flat note, supported by value buying in IT and banking stocks.
"The ongoing earnings season has provided a constructive narrative, though caution persists as higher bond yields, elevated crude oil prices, and a weakening rupee reinforce inflationary concerns. Investors appear to be adopting a staggered allocation strategy rather than waiting for complete clarity, particularly in export-oriented sectors," he added.
After the closing bell, Tech Mahindra Ltd led the Sensex gainers, rising 4.97%. It was followed by Infosys Ltd, which gained 2.15%. Bharti Airtel Ltd moved up 1.74%, while Bajaj Finserv Ltd added 1.37%. HCL Technologies Ltd also ended higher, rising 1.24%.
Tata Steel Ltd saw the sharpest fall, dropping 3.21%. Power Grid Corporation of India Ltd declined 2.89%, NTPC Ltd was down 2.46%, State Bank of India Ltd slipped 2.38%, and Maruti Suzuki India Ltd fell 1.64% at the close.
"A meaningful breakthrough in diplomatic negotiations with Iran—especially regarding uranium stockpiles and sanctions—remains critical for reducing volatility and enabling a decisive upward move in the market," said Nair.
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