MUMBAI– Indian equity benchmarks ended Tuesday’s session with solid gains, lifted by a sharp rally in information technology shares after Infosys announced its board would consider a share buyback later this week.
The BSE Sensex rose 314 points, or 0.4 percent, to finish at 81,101, staying in positive territory throughout the day. The NSE Nifty advanced 95 points to close at 24,869, reclaiming its 100-day moving average of 24,820 in a sign of short-term bullish momentum.
“Momentum indicators have turned positive, with RSI crossing above 50,” said a technical analyst. “However, the index faces resistance around 25,000, and a decisive breakout above that level will be key for the next leg of gains.”
Infosys was the standout performer, surging 5 percent to Rs 1,504 and contributing 217 points to the Sensex alone. Other major gainers included Adani Ports, Tech Mahindra, HCL Technologies, TCS, and Bajaj Finserv, all rising between 1 and 3 percent.
On the flip side, stocks such as Trent, Eternal, and UltraTech Cement declined by 1 to 2 percent.
In the broader market, the Nifty MidCap and SmallCap indices added 0.3 percent each. Sectorally, IT stocks stole the show, with the Nifty IT index climbing 2.7 percent.
Investor sentiment improved further as India’s volatility index, the VIX, slipped 1.8 percent.
On the currency front, the rupee strengthened 0.18 percent to close at 88.14 against the U.S. dollar, aided by a softer greenback amid expectations of a Federal Reserve rate cut. “The rupee is likely to remain in a range of 87.75–88.50 in the near term, with any move below 87.75 opening room for further gains,” said Jateen Trivedi of LKP Securities.
Gold prices also firmed as traders factored in an anticipated Fed cut following weak U.S. jobs and payroll data. COMEX gold gained 0.50 percent to $3,654 an ounce, while MCX gold rose 0.69 percent to Rs 1,09,250. (Source: IANS)
