Markets rebound: IT stocks lead early gains
The stock market opened in the green for the second straight session on Thursday, March 13. IT, telecom, and metal stocks led the gains, recovering from yesterday’s slump.
At 9:15 AM, the BSE Sensex rose 165.41 points (0.22%) to 74,195.17. The NSE Nifty gained 32.15 points (0.14%) to reach 22,502.65. IndusInd Bank led the Sensex gainers, rising 2.23% to trade at ₹699.95. Tata Steel followed with a 1.23% increase, trading at ₹152.15. Zomato climbed 0.95% to ₹207.40. Only eight Sensex stocks traded in the red.
Nifty sectoral indices showed strong momentum. The Nifty Midsmall IT & Telecom Index gained 0.63%, reaching 8,727.20. Nifty IT followed with a 0.55% rise to 36,512.05, while Nifty Metal climbed 0.41% to 8,891.00.
Yesterday, IT stocks dragged the market down. The BSE Sensex closed 72.56 points lower (0.10%) at 74,029.76. The NSE Nifty fell 27.40 points (0.12%) to 22,470.50. Infosys recorded the steepest fall among Sensex stocks, dropping 4.28% to close at ₹1,589.60. Tech Mahindra declined 2.76% to ₹1,438.35, while Nestle India lost 2.49%, ending at ₹2,195.25. Eleven of the 30 Sensex stocks closed in the green.
The Nifty IT Index dropped the most, falling 2.91% to 36,310.65. The Nifty Midsmall IT & Telecom Index declined 2.49% to 8,672.35, while the Nifty Realty Index lost 1.65%, closing at 815.05. On Tuesday, the Nifty Realty Index had surged 3.63% to 828.70, while the Midsmall IT & Telecom Index gained 1.08%, reaching 8,893.95.
Foreign Institutional Investors (FIIs) remained net sellers, offloading ₹1,627.61 crore worth of equities. Domestic Institutional Investors (DIIs) were net buyers, purchasing ₹1,510.35 crore in stocks.
“The Nifty rebounded from its intraday low yesterday but failed to close in the green,” said Akshay Chinchalkar, Head of Research at Axis Securities. “The support area between 22,245 and 22,330 remains critical.”
Kunal Kamble, Senior Technical Research Analyst at Bonanza, noted early selling pressure in the previous session. “Buyers stepped in later, pushing the index higher from the day’s low,” he said. He added that a breakout above 22,550 could trigger an upward move toward 22,700–22,900.
With IT stocks recovering and broader market sentiment improving, investors remain watchful for further trends in the coming sessions.
