MUMBAI– Indian equity benchmarks ended Tuesday on a strong note, lifted by a surge in technology stocks after Infosys announced its board will consider a share buyback later this week.
The Sensex gained 314 points, or 0.4 percent, to finish at 81,101, while the Nifty 50 rose 95 points to settle at 24,869. Analysts noted that the Nifty reclaimed its 100-day moving average at 24,820, a sign of renewed short-term bullishness.
“Momentum indicators have turned positive, with RSI crossing above 50, suggesting upward momentum,” said one technical analyst. “However, the index faces strong resistance around 25,000, and a breakout above this level is key for the next leg of gains.”
Infosys led the charge, climbing 5 percent to Rs 1,504 and contributing 217 points to the Sensex. Other top performers included Adani Ports, Tech Mahindra, HCL Technologies, TCS, and Bajaj Finserv, each up between 1 and 3 percent. On the downside, Trent, Eternal, and UltraTech Cement slipped 1 to 2 percent.
In the broader market, the Nifty MidCap and SmallCap indices advanced 0.3 percent each. Sectorally, IT stocks stood out, with the Nifty IT index gaining 2.7 percent.
Investor sentiment also improved as India’s volatility index, the VIX, eased 1.8 percent.
On the currency front, the rupee firmed up 0.18 percent to close at 88.14 against the U.S. dollar, buoyed by weakness in the greenback amid growing expectations of a Federal Reserve rate cut. “The rupee is likely to stay within 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.
Meanwhile, gold prices edged higher on both global and domestic exchanges. On COMEX, the metal gained 0.50 percent to $3,654 per ounce, while on MCX it rose 0.69 percent to Rs 1,09,250, as traders priced in the likelihood of a Fed rate cut following weaker U.S. jobs and payroll data. (Source: IANS)
