Stock markets rebounded in afternoon trade on Thursday after a sharp fall earlier in the session, supported by buying in IT stocks. As of 3:40 pm, the BSE Sensex was at 58,009.41, up 126.31 points or 0.22%, while the NSE Nifty stood at 22,713.10, gaining 33.70 points or 0.15%.
The recovery came after both indices slipped significantly in early trade amid weak global cues, with investors initially spooked by a broad sell-off across Asian markets, reported news agency PTI. The Sensex had plunged over 1,500 points at one stage, while the Nifty dropped nearly 500 points, reflecting the nervous mood early in the day.
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But the dip didn’t last long. Investors quickly stepped in to buy beaten-down IT stocks, triggering a strong comeback. Heavyweights like Infosys, TCS, HCL Tech and Tech Mahindra saw solid gains of up to 3%, leading the rebound. Select large-cap names such as HDFC Bank, Bajaj Finance, ITC and Maruti Suzuki also added to the momentum, the report noted.
That said, the recovery wasn’t uniform across the board. Several heavyweight stocks, including Reliance Industries, SBI, NTPC, Sun Pharma, Asian Paints and Adani Ports, remained under pressure, limiting sharper gains in the indices.
{{/usCountry}}That said, the recovery wasn’t uniform across the board. Several heavyweight stocks, including Reliance Industries, SBI, NTPC, Sun Pharma, Asian Paints and Adani Ports, remained under pressure, limiting sharper gains in the indices.
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Globally, the mood stayed cautious. Asian markets ended lower across the board, and European indices were also trading in the red, signalling continued uncertainty amid the ongoing conflict in West Asia. Adding to concerns, Brent crude prices jumped over 7% to hover above $108 per barrel, raising fresh worries about inflation.
Investor activity also reflected mixed sentiment. Foreign institutional investors (FIIs) continued to pull out money, offloading equities worth over ₹8,300 crore in the previous session, while domestic investors stepped in to cushion the fall with strong buying, the report stated.
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Despite the volatility, the rebound suggested that investors are still willing to buy on dips, especially in sectors like IT, even as global risks and oil price spikes keep markets on edge.
(With inputs from PTI)