BIZNAMA
Domestic stock markets remained volatile on Tuesday but managed to recover from early losses, with the Sensex closing nearly flat and the Nifty posting modest gains despite weak global cues and concerns over a potential US recession.
The trading session saw significant fluctuations, with the Sensex plunging 371 points at the opening to hit a low of 73,664. However, sustained buying interest helped the index recover, reaching an intra-day high of 74,187 before settling at 74,102, down just 13 points. Meanwhile, the Nifty moved within a broad 200-point range, rebounding from a low of 22,315 to a high of 22,522 and closing 38 points higher at 22,498.
The benchmark domestic equity indices today reversed initial losses and ended almost flat with a positive bias. The Indian markets showed resilience despite weak global cues and fall in major international markets amid recession fears and tariff concerns. The 30-share index at the Bombay Stock Exchange, Sensex, fell marginally by around 13 points, to close at 74,102. However, at National Stock Exchange Nifty-50 rose 37 points, or 0.17 percent, to settle at 22,498. The broader market indices at the BSE showed a mixed performance. While the BSE Mid-Cap index rose over 0.7 percent, the BSE Small-Cap index fell down around 0.7 percent. In the Sensex index, 15 out of 30 companies ended in positive territory. Among the top laggards, IndusInd Bank plunged over 27 percent, Infosys slipped nearly 2.5 percent, and Larsen and Toubro dropped more than 1.7 percent. Conversely, among the top gainers, Sun Pharma rose more than 2.6 percent, ICICI Bank gained almost 2.5 percent, and Bharti Airtel increased over 1.9 percent. In Sectoral Indices at the BSE, 9 out of 21 sectors ended down. Among the top laggards, IT sector lost 0.87 percent, Focused IT sector slipped 0.82 percent, and Bankex fell 0.36 percent. In the top gainers, Realty jumped 3.92 percent Telecom sector advanced 2.78 percent and Oil and Gas rose 1.58 percent. Overall market breadth at the BSE was negative as shares of 2,506 companies declined, 1,466 advanced, and 119 remained unchanged. At the National Stock Exchange, 14 companies hit their 52-week high, while 200 hit their 52-week low.
Market analysts noted that despite the shaky start, the Nifty showed resilience, erasing losses and trending higher. Sundar Kewat of Ashika Institutional Equity highlighted that the index is now hovering around the crucial resistance level of 22,500, which will be closely monitored in the coming sessions.