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

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.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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