Sensex Gains 350 Points, Nifty Above 24,850 as IT Stocks Lead

Mumbai – Indian equity markets opened higher on Tuesday, driven by strong gains in IT stocks. The Nifty IT index surged 1.7 per cent in early trade, setting the tone for the rally.

At 9:23 a.m., the Sensex was up 355 points (0.44%) at 81,142, while the Nifty rose 99 points (0.40%) to 24,873.

The broader market remained flat, with the Nifty Midcap 100 inching up 0.05 per cent, while the Nifty Smallcap 100 slipped 0.01 per cent.

Infosys led the IT pack, jumping 3.35 per cent after announcing that it would consider a share buyback along with its results next month. Wipro also rose 2.36 per cent, while Tech Mahindra, TCS, and Bajaj Finserv were among other top gainers.

On the downside, Titan Company, Shriram Finance, ICICI Bank, Tata Consumer, and Tata Motors were the major losers.

Among sectoral indices, Nifty IT topped the chart, followed by Nifty Pharma (up 0.47%) and Nifty Auto (up 0.21%). Several other indices slipped marginally.

Market analysts said the Nifty formed a small red candle with a long upper shadow on the daily chart, pointing to volatility and consolidation.

“Buying interest is visible at lower levels, but the 24,900–25,000 zone remains a strong resistance. Support lies at 24,620, and as long as Nifty trades below 25,000, some consolidation or mild weakness may persist,” analysts noted.

Anand James, Chief Market Strategist at Geojit Investments, added: “Upside momentum faded near 24,870, our critical pivot. The sudden reversal was steep, but oscillators still support further upsides. We’ll look for a close above 24,730–870 for more clarity.”

Globally, US markets closed higher overnight, with the Dow Jones up 0.25%, Nasdaq rising 0.45%, and the S&P 500 gaining 0.21%. Investors now await key US inflation data that could guide the Federal Reserve’s decision next week.

Asian markets traded mixed in the morning session. China’s Shanghai index fell 0.35%, and Shenzhen dropped 1%. Japan’s Nikkei was up 0.2%, Hong Kong’s Hang Seng gained 0.82%, and South Korea’s Kospi advanced 1.06%.

On Friday, foreign investors (FIIs/FPIs) turned net sellers, offloading Indian equities worth ?2,170 crore, while domestic institutional investors (DIIs) bought shares worth ?3,014 crore.

With inputs from IANS