The Indian stock market finished Tuesday’s session on April 6 with strong gains, as key indices reversed early losses, indicating that the market is finding support at crucial levels.
After a 1% gain in the previous session, the Nifty 50 rose another 0.68% to settle at 23,123, while the S&P BSE Sensex ended at 74,616, up 0.69% from the previous close. The broader markets, however, closed mixed, with the Nifty Midcap 100 rising 0.2%, while the Nifty Smallcap 100 index declined 0.6%.
In terms of sectoral performance, Nifty IT was the top performer, surging 2.5%, while Nifty Realty and Nifty Metal closed with gains of over 1%. Other gainers included Nifty FMCG, Nifty Media, and Nifty Oil & Gas, which rose 0.82%, 0.8%, and 0.5%, respectively.
On the losing side, PSU banks saw heavy selling, dragging the index down by 0.72%. Nifty Consumer Durables also slipped 0.19%.
Vinod Nair, Head of Research at Geojit Investments, said, “In the near term, market direction is likely to be driven by geopolitical developments and selective value buying, with focus gradually shifting to the earnings season to assess potential downgrade risks arising from higher crude prices and currency volatility.”
Turning to the Middle East, the US President has repeated his threat that the United States would destroy Iran’s power plants and bridges if Tehran does not reopen the Strait of Hormuz by Tuesday and warned that there would be no extension of the deadline thereafter.
IT stocks see broad-based buying support
Gallantt Ispat led the gainers’ list today, with the stock surging 13.7% to ₹642.2 apiece, while Titagarh Rail Systems extended its rally to the fourth straight day, gaining another 8.74% to ₹695 apiece.
Similarly, Brainbees Solutions remained higher for the fourth consecutive session, advancing 7.2% to ₹243 apiece. Large-cap IT stocks saw heavy buying, with all major constituents closing higher, led by Mphasis with a 4.2% surge. It was followed by Wipro, LTIMindtree, HCL Technologies, Tata Consultancy Services, Infosys, Oracle Financial Services, Tech Mahindra, and Persistent Systems, all gaining between 1.5% and 3.8%.
NMDC Steel gained 5% to ₹39.42 apiece, while other metal stocks also witnessed strong buying interest, with Vedanta, Jindal Steel, Hindustan Zinc, NMDC Steel, and Welspun Corp all closing with gains of over 2%.
In addition, defence stocks such as MTAR Technologies, Astra Microwave Products, DroneAcharya Aerial, Zen Technologies, Data Patterns, and Garden Reach Shipbuilders also surged over 2%.
Biocon, Force Motors lead losses among key laggards
On the losing side, Force Motors declined 6% to ₹19,920 apiece, while the sell-off in Biocon shares further deepened, with the stock falling another 4.21% to ₹340 apiece. Bank of India and Ather Energy were two other stocks that fell over 3%.
Other top laggards among Nifty 500 stocks included Karur Vysya Bank, IIFL Finance, Uno Minda, Voltas, Latent View Analytics, Zydus Wellness, Saregama India, PG Electroplast, Bandhan Bank, OneSource Specialty, Jindal Saw, Ambuja Cements, Aster DM Healthcare, Cholamandalam Finance, and Syngene International, all of which declined between 2% and 3%.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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