Indian stock markets remained volatile on Tuesday but managed to recover from early losses, with the Sensex closing nearly flat and the Nifty posting modest gains despite weak global cues and concerns over a potential US recession.
The trading session saw significant fluctuations, with the Sensex plunging 371 points at the opening to hit a low of 73,664. However, sustained buying interest helped the index recover, reaching an intra-day high of 74,187 before settling at 74,102, down just 13 points. Meanwhile, the Nifty moved within a broad 200-point range, rebounding from a low of 22,315 to a high of 22,522 and closing 38 points higher at 22,498.
Market analysts noted that despite the shaky start, the Nifty showed resilience, erasing losses and trending higher. Sundar Kewat of Ashika Institutional Equity highlighted that the index is now hovering around the crucial resistance level of 22,500, which will be closely monitored in the coming sessions.
Among individual stocks, IndusInd Bank witnessed a steep decline of 27 percent after revealing discrepancies in its derivative portfolio, which could impact its net worth by ₹1,577 crore. On the other hand, ICICI Bank and Bharti Airtel provided support to the market, lifting overall sentiment.
The top gainers on the Nifty included Trent, Sun Pharma, ICICI Bank, Shriram Finance, and BPCL, while IndusInd Bank, Infosys, Bajaj Finserv, Power Grid Corporation, and M&M were among the major losers. Sectoral trends showed gains in metal, realty, telecom, and oil & gas stocks, which rose between 0.5 and 3 percent, whereas auto, IT, and banking stocks registered losses ranging from 0.3 to 0.7 percent.
In the broader market, the BSE Midcap index climbed 0.7 percent, while the Smallcap index declined by 0.7 percent. Meanwhile, Morgan Stanley released a report predicting that the Sensex could reach 93,000 by December 2025 in its base-case scenario, with a potential high of 1,05,000 in a bullish scenario.
In the currency market, the Indian rupee strengthened, gaining 12 paise to close at 87.21 per US dollar, supported by weaker crude prices and a soft dollar index.
-IANS
