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Sensex surges 800 points as IT, bank stocks power market rebound

High-weightage Nifty IT led the sectoral indices, rising 1.8%, fuelled by strong performances in Infosys and Tech Mahindra.

by · India Today

In Short

  • Sensex surges over 800 points, Nifty jumps after early losses
  • Nifty IT leads sectoral gains, rises 1.8% amid recovery
  • Infosys, Tech Mahindra, Tata Motors among top Nifty50 gainers

Benchmark stock market indices bounced back sharply after a shaky start, driven by strong gains in information technology and banking stocks. The S&P BSE Sensex climbed 801.11 points to reach 83,298.21 at 12:31 pm, while the NSE Nifty50 surged 195.15 points, trading at 25,445.25. Despite early losses spurred by heightened volatility from Middle East tensions, the broader market indices showed resilience, with most sectors rebounding.

High-weightage Nifty IT led the sectoral indices, rising 1.8%, fuelled by strong performances in Infosys and Tech Mahindra. Nifty Bank, Nifty Pharma, and Nifty Financial Services also contributed to the rally, highlighting strength across key sectors.

The top five gainers on the Nifty50 were Infosys, Tech Mahindra, Tata Motors, Axis Bank, and Sun Pharma, all posting solid gains in mid-day trade. Meanwhile, the top losers were Cipla, Hero MotoCorp, BPCL, Shriram Finance, and Apollo Hospitals.

Earlier in the day, both the Sensex and Nifty50 faced significant losses amid market jitters driven by the ongoing Middle East conflict. However, the indices reversed course as volatility eased, and investors sought opportunities in IT and banking heavyweights.

Meanwhile, international oil prices continue to rise, driven by escalating geopolitical tensions. This has kept market participants on edge, although the current rebound suggests that investors are cautiously optimistic about the domestic market's recovery.

With the volatility index dropping, investors will likely keep a close watch on global developments, especially as the tensions in the Middle East remain a key factor in determining market movements in the near term.