Stock market bounces back as IT, telecom & energy lead the surge
The stock market opened higher on Tuesday, March 5, with IT, telecom, and energy stocks leading the gains. Mid and small-cap IT and telecom, oil and gas, and large-cap IT stocks performed strongly.
At 9:20 AM, the BSE Sensex rose 182.24 points (0.25%) to 73,172.17, while the NSE Nifty climbed 49.80 points (0.23%) to 22,132.45. This recovery followed a weak session the previous day when Trump’s tariffs on China, Canada, and Mexico impacted global markets.
Among Sensex stocks, Power Grid Corporation led with a 2.66% rise to ₹260.80. Mahindra & Mahindra followed with a 2.65% gain to ₹2683.40, while HCL Technologies rose 1.57% to ₹1560.
Nifty sectoral indices showed strong gains. The Nifty Midsmall IT & Telecom Index surged 1.99% to 8,863.40, Nifty Oil & Gas climbed 1.16% to 9,687.95, and Nifty IT increased 1.08% to 37,678.85. This contrasted sharply with Monday’s session, where the Midsmall IT & Telecom Index had dropped 2.40% and Nifty IT had fallen 2.03%.
Oil and gas stocks gained as global crude prices declined. Brent Crude dropped 0.35% ($0.25) to $70.79 per barrel, while WTI Crude fell 0.82% ($0.56) to $67.70 per barrel.
Despite the positive start, the market ended in the red on Tuesday. The BSE Sensex closed 96.01 points (0.13%) lower at 72,989.93, and the NSE Nifty lost 36.65 points (0.17%) to 22,082.65.
“The Nifty recovered from early losses but ended lower for the 10th straight day, a first in history,” said Akshay Chinchalkar, Head of Research at Axis Securities. He noted signs of a potential market rebound but emphasized the need for a trigger. “Support for the Nifty remains between 21,850 and 22,000, while resistance lies between 22,226 and 22,281, with an extension at 22,410.”
Foreign Institutional Investors (FIIs) sold ₹3,405.82 crore worth of equities, while Domestic Institutional Investors (DIIs) bought a net ₹4,851.43 crore, providing some stability to the market.
