In a volatile trading session, the domestic benchmark equity indices, Sensex and Nifty 50, concluded Tuesday's session on a positive note, buoyed by gains across sectors including information technology (IT), auto, pharma, and realty stocks.
The S&P BSE Sensex surged by 305.09 points to settle at 73,095.22, while the NSE Nifty50 climbed 76.30 points to reach 22,198.35 at the closing bell. Despite a muted opening, broader market indices staged a recovery, reflecting the overall positive sentiment among investors.
The rise in IT stocks, particularly Tata Consultancy Services (TCS), contributed significantly to the market's upward trajectory. IT stocks registered a gain of 0.72%, reversing the previous session's decline, driven by TCS's performance following an upgrade by UBS from "neutral" to "buy."
Commenting on the market movement, Vinod Nair, Head of Research at Geojit Financial Services, noted, "The domestic market rebounded from yesterday’s loss amidst volatility, despite weak global cues. The hopes for a ceasefire in the Israel-Hamas war and the drop in crude oil prices supported the sentiment."
The mid and small-cap stocks underperformed during the session. Investors remain focused on key economic data releases, both domestic and global, with particular attention on US inflation figures, which are expected to provide insights into potential interest rate adjustments.
Analysts remain optimistic about the market's outlook, citing no anticipated negative developments for domestic markets and expectations of favorable macroeconomic data, including US GDP figures, which could drive the markets to new highs in the coming days.
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