Sensex, Nifty Trade Higher After Erasing Day's Losses; IT, FMCG Stocks Lead Sharp Recovery

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The Indian stock markets showcased remarkable resilience today as the Sensex and Nifty rebounded strongly from earlier losses to close on a higher note. A robust recovery in IT and FMCG stocks spearheaded the comeback, boosting investor confidence.




The Sensex surged by over 300 points, reclaiming the 66,000 mark, while the broader Nifty 50 rose above 19,700, driven by gains in heavyweights like TCS, HUL, and Infosys. Both indices had started the day in the red amid weak global cues, but afternoon buying across sectors reversed the trend.

Sectoral Highlights

  • IT stocks shone the brightest, with the Nifty IT index rising nearly 1.5%, as optimism around global technology demand buoyed sentiments. Shares of Tech Mahindra and Wipro led the pack.
  • The FMCG sector also witnessed strong buying, with companies like Hindustan Unilever and Nestle India posting significant gains.
  • Banking and financial stocks, which were under pressure earlier in the day, managed a subdued recovery, providing additional support to the indices.

Market Drivers

The recovery was attributed to a combination of value buying and short-covering in select sectors. Market participants noted that improving domestic economic indicators, coupled with easing concerns around global interest rate hikes, played a crucial role in lifting the mood.

Broader Market Performance

Midcap and smallcap indices also gained momentum, outperforming their larger peers. The Nifty Midcap 100 and Smallcap 100 indices ended with gains of over 0.8% each.

Global Cues

Globally, equity markets remained mixed as investors assessed the latest developments in the U.S. and European markets, especially around central bank policies and economic data.

Expert Take

Market analysts remain cautiously optimistic. "Today's recovery reflects underlying market strength, but investors should remain watchful of global macroeconomic trends," said Rajesh Shah, a senior market strategist.

As the week progresses, traders will focus on the upcoming domestic inflation data and global central bank commentary for further cues.

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