Mumbai, April 2: Indian equity benchmark indices rebounded from early losses to close higher on Thursday, marking their second consecutive session of gains. The recovery was primarily driven by strength in IT stocks and support from a firmer Indian rupee.
The Nifty 50 index edged up by 33.70 points or 0.15 per cent to settle at 22,713.10. The BSE Sensex also closed in positive territory, rising 185.23 points or 0.25 per cent to end at 73,319.55.
IT Stocks Drive Market Recovery
The upward movement was largely led by IT stocks, which witnessed renewed buying interest during the session. HCLTech and Tech Mahindra emerged among the top performers on the Nifty. Infosys and Tata Consultancy Services also contributed to the gains, supporting the broader market recovery.Among other Sensex constituents, HDFC Bank, Bajaj Finance, Maruti Suzuki, and Titan Company ended higher, adding to the positive momentum.
Broader Markets Underperform
Despite the benchmark indices closing in the green, broader markets lagged behind. The Nifty MidCap index declined 0.30 per cent, while the Nifty SmallCap index fell 0.50 per cent, though both indices managed to recover partially from intraday losses.Sectoral Performance Remains Mixed
Sector-wise, IT and realty stocks outperformed, reflecting selective buying interest. On the other hand, construction and pharmaceutical stocks faced selling pressure and ended as the worst-performing sectors of the session.Technical Levels and Market Outlook
From a technical perspective, the 22,200 to 22,180 range is now seen as a strong support zone for the Nifty. Sustaining above this level could aid a short-term recovery.On the upside, the 22,700 to 22,800 range remains a key resistance zone, where selling pressure has been observed earlier.
Rupee Strength Supports Sentiment
Investor sentiment was further supported by the strengthening of the Indian rupee against the US dollar, which contributed to the market's recovery during the day.Market participants indicated that the rebound reflects an attempt by the markets to establish a near-term base, driven by tactical buying rather than strong directional momentum.
Market Holiday on Friday
Stock markets will remain closed on Friday on account of Good Friday.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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