Indian stocks staged a strong comeback in Thursday’s session, April 2, recovering all their opening losses and turning positive toward the close. Technology stocks led the rebound, while a recovery in the Indian rupee from its historic low also aided sentiment.
The Nifty 50 and Sensex ended 0.15% and 0.17% higher, respectively. The Nifty Midcap 100 and Nifty Smallcap 100 also saw a sharp recovery from the day’s lows but failed to finish in the green, ending 0.26% and 0.36% lower.
Sectoral performance was mixed. The Nifty IT, Nifty Realty, Nifty Metal, and Nifty Private Bank indices closed higher by 2.60%, 1.07%, 0.39%, and 0.39%, respectively.
On the flip side, Nifty Consumer was the worst hit, falling 0.93%, while Nifty Pharma and Nifty Chemicals also declined by 0.92% and 0.82%, respectively.
The Indian rupee posted its biggest gain in more than 12 years, rising 2%, after authorities intensified their crackdown on speculation against a weaker exchange rate, extending curbs to offshore derivatives just days after tightening limits on banks’ local positions.
Meanwhile, US President Donald Trump, in his latest address on the Iran war, told US forces would continue to strike Iran “very hard” over the next two to three weeks and bring the country “back to the Stone Ages.” He also touted the success of US operations, arguing that Washington’s objectives have so far been met or exceeded.
He further threatened to target Tehran’s energy infrastructure if the Strait of Hormuz is not reopened. Earlier, Trump had set an April 6 deadline for Iran to reopen the strait, warning of expanded attacks on the country’s power plants if it fails to comply.
The conflict has now largely shifted to the key waterway, which Iran has controlled since the start of the war on February 28.
Mid- and large-cap IT stocks see strong buying.
Latent View Analytics was the top performer among Nifty constituents, rising 19.5% to ₹312 apiece. At the same time, OLA Electric shares extended their winning run for a second session, surging another 9.5% to ₹28.3 apiece.
Buying was seen across large- and mid-cap technology stocks, with Birlasoft, Coforge, and Sonata Software leading the rally, each gaining over 5%.
Among large caps, HCL Technologies, Tech Mahindra, Infosys, Wipro, and TCS all closed with gains of 2% to 3.5%.
Both Bosch and Bata India continued to attract buying interest for a second consecutive session, closing 4.9% and 4.6% higher, respectively. Linde India, Page Industries, and Poly Medicure were among the other top performers, surging over 4%.
New-age tech stocks also witnessed strong buying, with Swiggy rallying 3.8%, while Nykaa and Groww advanced 2.5% and 2%, respectively. Likewise, Brainbees Solutions rose 1.7% to ₹224.3 apiece.
Besides, real estate stocks, DLF, Brigade Enterprises, and Oberoi Realty all closed with gains of over 2%.
Healthcare and industrial names see declines
On the losing side, Auctus Chemicals, Karur Vysya Bank, United Breweries, PG Electroplast, Capri Global Capital, SRF, and LG Electronics India emerged as top laggards, falling over 4%.
Garden Reach Shipbuilders witnessed profit booking, declining 4.4% to ₹2,555, a day after the stock had surged nearly 20%. Aster DM Healthcare also came under selling pressure, falling 4.3% to ₹658 and snapping its five-day winning run, while Biocon saw renewed selling pressure, dropping 3.4% to ₹352 apiece.
Other top laggards among Nifty 500 stocks included CarTrade Tech, Sobha, Lenskart Solutions, Dixon Technologies, Torrent Pharma, Crisil, HPCL, and Balkrishna Industries, all of which declined over 3%.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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