Investors cheered as the stock market benchmark indices, Sensex and Nifty, ended positively at the close of the market session on Tuesday.
The 30-share BSE Sensex jumped 509.73 points, or 0.69 per cent, to settle at 74,616.58. During the day, it hit a high of 74,686.32 and a low of 73,282.41, gyrating 1,403.91 points. The 50-share NSE Nifty climbed 155.40 points, or 0.68 per cent, to end at 23,123.65.
IT stocks witnessed a recovery after early losses in the markets. Tata Consultancy Services, HCL Tech, Infosys, Bharti Airtel, Sun Pharma, and Hindustan Unilever were among the major Sensex gainers.
Meanwhile, rupee depreciated 10 paise to close at 93.00 (provisional) against the US dollar. Forex traders said to PTI that the USD/INR pair is trading under pressure, dragged down by unabated withdrawal of foreign capital, a firm dollar, and higher crude oil prices amid a volatile geopolitical situation.
As per the exchange data, Foreign Institutional Investors offloaded equities worth Rs 8,167.17 crore on Monday.
"A major support for sentiment came from the ongoing RBI MPC meeting, where the street is largely factoring in status quo on the repo rate at 5.25 per cent. The market is interpreting this as a sign that the central bank is likely to prioritise stability rather than react aggressively to temporary external shocks. Another positive layer came from optimism ahead of Q4 IT earnings, where we expect large IT companies to show resilience through deal wins, stable margins and improving guidance after recent global currency moves," said Abhinav Tiwari, a research analyst, to Moneycontrol.
For investors, the stock market could be poised for a cautious opening on April 8, following a four-day rally, with a focus on PSU banks, metals, and IT sector stocks.
