- Sensex, Nifty gain 1% as IT stocks lead market recovery

The S&P BSE Sensex surged 631.55 points to end at 76,532.96, while the NSE Nifty50 gained 205.85 points to close at 23,163.10.

Benchmark stock market indices added almost 1%, extending their run for the second consecutive day, fuelled by a rise in information technology (IT) sector stocks.

The S&P BSE Sensex surged 631.55 points to end at 76,532.96, while the NSE Nifty50 gained 205.85 points to close at 23,163.10.

Aditya Gaggar, Director of Progressive Shares, said that after a long duration, Bulls have shown their power right from the word go; the Index seen compounding its gains, which was well-supported by the strong performance of Mid and Smallcap stocks.

“Nifty50 settled the trade at 23,163.10 with gains of 205.85 points. Except for FMCG, all the other sectors ended in the green territory where Realty and IT emerged as top performers. The positive divergence in the RSI worked well and at present, the Index stands on the brink of a Falling Wedge formation breakout which could drive the Index further up to 23,550 if the breakout occurs between 23,200-23,250. The immediate resistance and support are positioned at 23,270 and 23,000 respectively,” he added.

The Sensex moved above 76,500, rising over 600 points today. The Nifty also gained 206 points, closing at 23,163. The bourses are down about 12% each from record high levels hit on Sept 27 and are on course for their longest monthly losing streak in 23 years.

Midcap stocks outperformed, with the Midcap Index climbing over 2%, adding 1,189 points to close at 52,719.

Key stocks saw big moves on earnings results. Bajaj Auto and TVS were major gainers, while Maruti’s earnings were in line with expectations, though the stock closed with minor cuts.

KPIT Technologies raised its FY25 margin guidance, driving the stock up by 10%.

IT stocks saw buying, up 0.9%, following a positive trend in Nasdaq. Wipro and Infosys were the top gainers among them.

Technology stocks also drove gains in other Asian markets, following a boost from Wall Street equities overnight, as concerns over the potential threat of a new low-cost Chinese AI model eased.

The Fed is widely expected to keep its benchmark policy rate unchanged, but attention will be on its guidance regarding future rate hikes, especially as former President Donald Trump has advocated for lower rates. The Fed’s statements are crucial for global markets, influencing foreign flows, including investments into emerging markets like India.

Insurance stocks also closed with healthy gains, with SBI Life and HDFC Life both up 3%.

Tata Motors rose more than 3% ahead of its quarterly results. In contrast, Ambuja Cements reported mixed results and ended 4% lower. JSW Energy and Bosch reacted negatively to Q3 results, falling 7% and 5%, respectively.

Overall, market breadth favoured advances with an advance-decline ratio of 6:1.

Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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Sensex, Nifty gain 1% as IT stocks lead market recovery; ITC Hotels fall 4%

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