Stock Market Today: The domestic equity market settled the highly volatile session in green, recovering from early losses on value buying in selected sectors. BSE Sensex ended the session 509.73 points or 0.69 per cent higher at 74,616.58, and while Nifty50 closed at 23,123.65, up 155.40 points or 0.68 per cent.
The BSE's index started the session in red at 73,734.36, down from the previous session's closing of 74,106.85. Amid subdued investors' sentiment due to uncertainty around the ongoing war in the Middle East, the index dragged further to hit an intraday low at 73,282.41.
The index shifted the forward gear in the afternoon trade after massive buying in IT stocks. Banking and Financial services stocks also saw some buying interest.
"The domestic market extended its recovery trend, although the session opened on a weak note amid elevated crude prices and caution ahead of Trump’s deadline for Iran. Gains remained largely confined to IT, FMCG, and metals, while broader market breadth stayed weak, reflecting persistent caution. IT stocks advanced on valuation comfort and support from INR-related benefits, while FMCG gained on positive pre-result commentary from large players," said Vinod Nair, Head of Research, Geojit Investments Limited.
"Investors are also awaiting the RBI policy decision, with rates widely expected to remain at the status quo. In the near term, market direction is likely to remain driven by geopolitical developments and selective value buying, with focus gradually shifting to the earnings season for assessing potential downgrade risks arising from higher crude prices and currency volatility," Nair added.
Top Gainers And Losers
From the Sensex basket, HCLT Tech, TCS, Infosys, Bharti Airtel, Sun Pharma, Tech Mahindra, Hindustan Unilever, ITC, ICICI Bank, Maruti Suzuki, Tata Steel, NTPC and Bajaj FinServ were the top gainers. Indigo, Adani Ports, Mahindra And Mahindra, Titan, Trent, SBI and Ultratech Cement were the top losers.
At the sectoral front, Nifty IT drove the positive sentiment in the market, closing 2.50 per cent higher. Nifty Bank and Nifty Fin Services settled slightly higher, while Nifty FMCG closed 0.8 per cent up. Meanwhile, Nifty Auto settled flat.
Meanwhile, the rupee traded flat to slightly weak near 93.00, as cautious sentiment persists amid rising geopolitical risks.
"Fresh concerns emerged after Trump’s warning of potential escalation against Iran, which is keeping crude prices supported and maintaining pressure on the rupee. Disruptions around the Strait of Hormuz continue to pose supply risks, with nearly 20% of global oil flows impacted, keeping energy prices elevated and weighing on oil-importing currencies like INR," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
