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Sensex, Nifty Climb for 2nd Day Led by IT Stocks; Rupee Firms Up

Indian equity benchmarks, Sensex and Nifty, extended their gains for a second consecutive session, recovering from early losses to close higher. The rally was primarily driven by strength in IT stocks, with HCLTech and Tech Mahindra among the top performers, supported by a firmer rupee. While the main indices advanced, broader markets underperformed, with midcap and smallcap indices ending in the red. Market experts noted that sustaining above the 22,200-22,180 support zone is crucial for a short-term recovery.

Key Points: Sensex, Nifty Gain on IT Stock Strength, Firmer Rupee

  • Nifty closes at 22,713.10
  • IT stocks lead gains
  • 22,200-22,180 key support zone
  • Broader markets underperform
  • Rupee strength boosts sentiment
2 min read

Sensex, Nifty extend gains for 2nd day as IT stocks rise

Indian stock benchmarks extended gains for a second session, supported by IT stocks like HCLTech and a stronger rupee. Key levels and sector performance analyzed.

"The recovery suggests that markets are attempting to find a near-term base, supported by tactical buying rather than strong directional conviction. - Market Expert"

Mumbai, April 2

Indian equity benchmark indices recovered from early losses and ended higher on Thursday, extending their gaining streak to a second straight session, supported by strength in IT stocks and a firmer rupee against the US dollar.

The Nifty closed 0.15 per cent higher, gaining 33.70 points to settle at 22,713.10. The Sensex also ended in the green, rising 185.23 points or 0.25 per cent to finish at 73,319.55.

Commenting on Nifty technical outlook, experts said that the 22,200-22,180 now acts as a strong support zone. Sustaining above this range could support a short-term recovery.

"On the upside, 22,700-22,800 remains a key resistance band, where selling pressure has been observed previously," an analyst stated.

Meanwhile, stock markets will remain closed on Friday on account of Good Friday.

IT stocks led the gains during the session, with HCLTech and Tech Mahindra emerging among the top performers on the Nifty.

Infosys and Tata Consultancy Services also supported the upward move -- reflecting renewed buying interest in the sector.

Among other gainers on the 30-share Sensex pack were HDFC Bank, Bajaj Finance, Maruti Suzuki and Titan Company.

Broader markets, however, underperformed the benchmarks, although they trimmed some of their intraday losses.

The Nifty MidCap ended 0.30 per cent lower, while the Nifty SmallCap declined 0.50 per cent.

On the sectoral front, IT and realty stocks outperformed, indicating selective buying in these segments.

In contrast, sectors like construction durable and pharma witnessed selling pressure and ended as the worst performers of the day.

Market sentiment was also supported by the strengthening of the Indian rupee, which boosted investor confidence during the session.

"The recovery suggests that markets are attempting to find a near-term base, supported by tactical buying rather than strong directional conviction," a market expert mentioned.

- IANS

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Reader Comments

P
Priya S
The gains are so modest, it feels more like consolidation than a real rally. "Tactical buying rather than strong directional conviction" – that line from the expert sums it up perfectly. We need stronger global cues and domestic triggers for a sustained upmove.
R
Rohit P
Firmer rupee helping is a key point! A stable currency is so important for FII sentiment. Glad to see my holdings in Infosys and TCS contributing. Hope the support at 22,200 holds after the Good Friday break.
S
Sarah B
Interesting to see realty stocks also doing well alongside IT. Seems like money is rotating into specific sectors while avoiding pharma and consumer durable for now. The underperformance of broader markets is a bit worrying for small investors like me.
V
Vikram M
Two green days in a row is a relief after the recent volatility! But let's be honest, 0.15% on Nifty is barely anything. The real test is the 22,800 resistance. Until we break that, it's just range-bound trading. Time to be cautious, not celebratory.
K
Karthik V
Maruti and Titan in the gainers list is a good sign for domestic consumption stories. But the selling in mid and small caps is hurting my portfolio more than the Sensex rise is helping it. The market feels a bit top-heavy right now.

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