Sensex cuts losses, up 1500pts from day's low, Nifty at 22,600; key reasons

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Sensex cuts losses, up 1500pts from day's low, Nifty at 22,600; key reasons

Stock market today: Indian equity benchmark indices Sensex and Nifty staged a sharp recovery on Thursday, April 2, driven by a stronger rupee and selective buying across certain sectors

Why Stock Market UP Today

Devanshu Singla New Delhi

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Indian equity benchmark indices Sensex and Nifty staged a sharp recovery on Thursday, April 2, driven by a stronger rupee and selective buying across certain sectors.

At the BSE, the Sensex was at 73,072.34, up 1,526 points from the intraday low of 71,545.81, and the NSE Nifty50 was trading at 22,650 levels, up 467 points from the day's low of 22,182.55.

All the major sectors witnessed a rebound from their respective lows. At the time of writing, the Nifty IT index was trading 2.4 per cent higher, while the Nifty Metal was trading flat with a positive bias. Among others, Nifty Pharma, PSU Bank, Consumer Durables, Oil & Gas and Chemicals were down over 1 per cent each.

In the broader markets, the Nifty Midcap 100 and Nifty Smallcap 100 also surged nearly 3 per cent from their intraday lows.

Here are the key reasons behind recovery:

Heavy buying in IT: The Nifty IT index defied the market selling to jump more than 2 per cent in trade. As of 2 PM, the IT index was up 720 points, or per cent, at 30,283.65. All the 10 constituents were trading firmly in the green, with Coforge, LTIMindtree, Mphasis and HCL Tech leading gains, up in the range of 4 to 7 per cent. ALSO READ: Coforge announces strategic partnership with Solstice Innovations Inc. Value buying: Value buying emerged strongly in the fag-end session, with buying visible across the board. The Nifty Metal index, which had plunged nearly 3 per cent earlier in the day, pared its losses to trade flat around 2 PM. The Nifty Auto index also staged a sharp recovery and was down just 0.40 per cent. A similar trend was seen in the Nifty PSU Bank index, which bounced back significantly from an intraday fall of 3.5 per cent to trade down only 0.8 per cent.

Rupee recovery: The rupee recovered sharply on Thursday against the US dollar, backed by the Reserve Bank of India's move to restrict banks' net open position in the onshore forward delivery market. The local unit gained around 2 per cent to trade below 93.

Rupee has remained under pressure due to unabated withdrawal of foreign capital, strengthening dollar and rising crude oil prices amid a volatile geopolitical situation.

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First Published: Apr 02 2026 | 2:35 PM IST