Stock market today: Indian equity markets staged a sharp recovery on Tuesday, ending a five-day losing streak as strong buying in IT stocks pushed the Nifty back above 23,500 in early trade. The Sensex gained more than 400 points at one stage, while both benchmarks opened with a gap-up after markets reopened following Monday’s Ganesh Chaturthi holiday. The Nifty opened at 23,576.15 against its previous close of 23,398.10, while the Sensex opened at 75,369.63 compared with Monday’s close of 74,781.76. Around the time of reporting, the Sensex was at 75,010.74, up 228.98 points or 0.31 per cent, and the Nifty stood at 23,457.95, higher by 59.85 points or 0.26 per cent.
Stock market today sees IT stocks lead the early rebound
The broader market indices also traded higher, although sectoral performance remained mixed. Nifty IT was the biggest gainer, rising more than 4 per cent in early trade. Metal, pharma, PSU banks, realty, healthcare, consumer durables and cement indices, however, remained in the red.
On the NSE, HCL Tech, TCS, Tech Mahindra, Infosys, TMPV, Wipro, HDFC Bank and ITC were among the major gainers. BEL, Grasim, Larsen & Toubro, Power Grid, Titan, NTPC, ICICI Bank and Cipla traded lower. On the BSE, HCL Tech, TCS, Tech Mahindra, Infosys, ITC and Hindustan Unilever gained, while BEL, NTPC, Power Grid, Titan, SBI, IndiGo and Larsen & Toubro were in negative territory.
Stock market today faces pressure from crude and global risks
The recovery came despite elevated crude prices and bond yields, which continue to weigh on global markets. Kotak Securities Head of Commodity and Currency Research Anindya Banerjee said Brent opened the week above USD 108 and came close to USD 110 before reversing to settle at USD 105.68. WTI settled at USD 101.39 after nearly touching USD 105. It later moved higher again, with Brent above USD 105 and WTI near USD 102.
“Crude has had a dramatic twenty-four hours,” Banerjee said, adding that the sharp reversal was driven not by West Asia but by Russia and Ukraine agreeing to suspend strikes on each other’s energy infrastructure.
Stock market today watches Hormuz, Red Sea and oil supply
Banerjee warned that West Asia had deteriorated further, with disruptions around key energy routes adding to uncertainty. “Against that, the situation in West Asia has deteriorated further. Saudi Arabia’s East-West pipeline remains shut after drones launched from Iraq struck a pumping station last Thursday,” he said.
He said the pipeline is Saudi Arabia’s key alternative route around the Strait of Hormuz and its continued closure could remove a significant amount of oil supply from global markets. Commodity ships crossing Hormuz fell to single digits over the weekend, while risks around the Red Sea are also rising.
Banerjee maintained a constructive outlook on crude. “Our view on crude remains constructive. The major support is USD 100 to USD 102, and as long as Brent holds above USD 100 the bias stays upward, with resistance at USD 110, then USD 115 and USD 120,” he said. He added that higher oil prices could raise inflation expectations and bond yields, increasing the opportunity cost of holding non-yielding assets such as gold.
Stock market today remains a cautious recovery attempt
Market expert Ajay Bagga said global markets were dealing with a “triple whammy” of rising oil prices, higher bond yields and concerns over AI momentum amid warnings from Big Tech leaders about AI threats to humanity. He also said the rupee had been under pressure from costlier crude, expectations of a Fed rate hike and rising US yields pulling foreign portfolio money towards Treasuries.
Market analyst Vipin Dixena said caution was needed as Brent remained above USD 107, the US 10-year yield had moved above 5 per cent and geopolitical tensions were elevated. He said 23,500-23,600 was the Nifty’s first major hurdle. A sustained move above 23,600 could open the way towards 23,800, while 23,200-23,000 remained key support. He called the current move a recovery attempt rather than a confirmed trend reversal.
Vinit Bolinjkar of Ventura said global headwinds, high crude, volatile US rate expectations and periodic risk-off flows were keeping FII positioning tentative. However, he said strong domestic fundamentals, robust GST collections and steady earnings growth supported the medium-term outlook. “We expect markets to remain range-bound in the near term, with indices likely to trade volatile around global cues, but any sustained FII re-entry alongside continued DII buying could act as a key trigger for the next leg higher in Nifty and Sensex,” he said.
At the time of reporting, Brent crude was around USD 107.02 per barrel and WTI was around USD 102.93.
(with inputs from ANI)
Also Read: Stock Market Today: BSE, NSE Closed For Ganesh Chaturthi As West Asia Tensions Push Oil Higher
Khalid Lateef is a Sub-Editor at NewsX Digital, specializing in Indian politics and global affairs. He also covers viral trending stories and major crime developments.
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