Stock Market Resurgence: IT Stocks Lead Rebound After Sharp Decline

The benchmark indices rebounded in early Tuesday trade, recovering from a sharp decline amid buying in IT stocks and a recovery in Japanese markets. The BSE Sensex and NSE Nifty saw significant gains, with major contributions from firms like Tech Mahindra and Infosys. Volatility persists but expected to stabilize soon.

The benchmark indices witnessed a rebound in early Tuesday trade, following a sharp decline in the previous session. This recovery was driven by buying in IT stocks and a positive turnaround in Japanese markets.

The BSE Sensex surged 348.1 points to reach 84,647.88 in early trade, while the NSE Nifty climbed 96.75 points to 25,907.60. Among the 30 Sensex companies, Tech Mahindra, Larsen & Toubro, State Bank of India, Bajaj Finserv, Infosys, and Power Grid emerged as the top gainers, whereas Asian Paints, JSW Steel, Tata Steel, and Titan lagged behind.

Asian markets saw mixed action, with Tokyo trading higher while South Korea, Hong Kong, and mainland China remained closed for a public holiday. The U.S. markets ended Monday on a positive note. Despite heavy selling by Foreign Institutional Investors (FIIs), Domestic Institutional Investors (DIIs) maintained a strong buying position, which helped stabilize the market. Experts believe that the current volatility, marked by significant fluctuations in indices like Shanghai Composite and Nikkei, is expected to stabilize soon.

(With inputs from agencies.)