Stock Market Gains Amid Global Market Weakness

Sensex, Nifty Recover from Sharp Early Losses as IT Stocks Lead Mid-Session Rebound​

Mumbai, April 2: Benchmark equity indices Sensex and Nifty staged a strong recovery on Thursday, erasing steep early losses during mid-session trading, supported by renewed buying interest in blue-chip IT stocks at lower levels.

Markets Reverse Early Slide to End Marginally Higher​

The 30-share BSE Sensex witnessed significant volatility during the session. It plunged 1,588.51 points in early trade to hit an intraday low of 71,545.81 before rebounding sharply. The index later settled at 73,255.52, registering a gain of 121.2 points or 0.16 per cent.

Similarly, the NSE Nifty dropped 496.85 points or 2.19 per cent to touch a day’s low of 22,182.55. However, it recovered through the session and closed at 22,706.65, up 27.25 points or 0.12 per cent.

IT Stocks Drive Recovery​

The rebound was primarily led by strong buying in information technology stocks. HCL Technologies, Tech Mahindra, Tata Consultancy Services, and Infosys advanced by up to 3 per cent, lifting the broader indices.

Other notable gainers included Maruti Suzuki India, Trent, Bharat Electronics Ltd, Bajaj Finance, HDFC Bank, and ITC, contributing to the upward momentum.

Laggards Limit Upside​

Despite the recovery, several heavyweight stocks remained under pressure. Declines were seen in Eternal, Asian Paints, Sun Pharmaceuticals, NTPC, PowerGrid, State Bank of India, Reliance Industries, IndiGo, UltraTech Cement, and Adani Ports, which capped further gains in the indices.

Sectoral and Global Market Trends​

Among sectoral indices, IT and Information Technology were the only segments to close in positive territory, rising by up to 2 per cent.

Global markets presented a weak trend. Asian indices ended lower, with South Korea’s Kospi falling 4.47 per cent, Japan’s Nikkei 225 declining 2.40 per cent, Shanghai’s SSE Composite slipping 0.74 per cent, and Hong Kong’s Hang Seng dropping 0.70 per cent.

European markets also traded in negative territory, with Germany’s DAX down 1.32 per cent and France’s CAC 40 falling 0.80 per cent, while London’s FTSE 100 remained flat. In contrast, US markets had closed significantly higher in the previous session.

Crude Oil Surges, FIIs Continue Selling​

Brent crude prices climbed 7.18 per cent to USD 108.42 per barrel, reflecting strength in global oil markets.

On the institutional front, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,331.15 crore on Wednesday. Meanwhile, Domestic Institutional Investors (DIIs) provided partial support by purchasing shares worth Rs 7,171.80 crore, according to exchange data.

Previous Session Recap​

In the previous session on Wednesday, the BSE Sensex had surged 1,186.77 points to close at 73,134.32, while the NSE Nifty advanced 348 points to settle at 22,679.40, setting the stage for Thursday’s volatile trading session.