Shrugging off the previous day's sharp fall, the domestic stock market bounced back strongly on Wednesday. The trading session opened with healthy gains, bringing buying enthusiasm back to Dalal Street. This time the rally was led by the big names in the IT and banking sectors.
In early trade, the Sensex rose 140.02 points, or 0.18 percent, to reach 76,340.70. The Nifty too was trading higher by 32.10 points, or 0.13 percent, at 23,856.20. The mood stayed firmly with the buyers, with 1,414 stocks advancing, 849 slipping into the red and 156 holding flat without any change.
IT Stocks Shine The Brightest
On the Nifty 50 heatmap, the most action was seen in IT counters. Tech Mahindra surged nearly 2.90 percent to rank among the top gainers. Alongside it, major IT names such as Infosys (+1.70%), TCS (+1.04%) and HCL Tech (+0.04) also drew heavy buying. Market experts believe value buying returning to IT stocks after the recent fall has given the sector fresh strength.
Banking Sector Joins The Surge
The Sensex heatmap too was dominated by green across the top counters, signalling a broad-based recovery. Along with IT, the banking sector delivered a standout show. ICICI Bank jumped a sharp +1.73%, while Kotak Bank climbed 0.83% to reach the ₹404.80 mark. In addition, Trent, Power Grid, L&T, Asian Paints, Adani Enterprises and Dr Reddy's Labs also posted solid gains.
Profit Booking In These Stocks
Even amid the upbeat mood, a few stocks faced selling pressure. Maruti, down 1.07%, and Bharti Airtel, down 1.04%, featured on the list of top losers. Besides these, HCL Tech (-0.60%), Titan (-0.45%), NTPC (-0.40%) and Tata Steel (-0.39%) also recorded mild declines.
