Market Rebounds: IT Stocks Drive Sensex and Nifty Recovery

On Thursday, equity benchmark indices Sensex and Nifty staged a remarkable recovery, shaking off early losses as investors flocked to buy blue-chip IT stocks at bargain prices. In early trade, the 30-share BSE Sensex plummeted 1,588.51 points, hitting an intraday low of 71,545.81.

However, the benchmark later reversed its fortunes to end at 73,255.52, gaining 121.2 points, or 0.16%. The 50-share NSE Nifty followed suit, recovering from a drop of 496.85 points to close at 22,706.65, marking an increase of 27.25 points, or 0.12%.

IT heavyweights such as HCL Technologies, Tech Mahindra, Tata Consultancy Services, and Infosys drove the gains, rising up to 3%. Despite laggards like Asian Paints and Reliance Industries, focused IT and Information Technology emerged as the only sectoral gainers, rising up to 2%.