IT and Pharma Stocks Propel Market Rally Amid Rate Cut Hopes
Domestic stock indices closed with remarkable gains on Tuesday, led by surges in IT and pharma sectors. The BSE Sensex advanced by 314.02 points, while the NSE Nifty 50 climbed by 95.45 points, amid heightened expectations of a US interest rate cut. Infosys and Dr. Reddy's emerged as top gainers.
- Country:
- India
Tuesday's trading session saw domestic equity markets closing on a high, driven primarily by strong performances in IT and pharmaceutical sectors. Investor sentiment brightened with the anticipation of a US interest rate cut, boosting BSE Sensex by 314.02 points to 81,101.32, and Nifty 50 by 95.45 points to 24,868.60.
Infosys and Dr. Reddy's Laboratories led the Nifty gainers list, capitalizing on sectoral strength. Conversely, Trent and Eternal were the top laggards. Sectoral indices showed Nifty IT and Nifty Pharma as leaders, while Nifty Realty and Nifty Oil & Gas lagged.
The broader market expressed a cautious tone, with Nifty Midcap and Smallcap 100 trading in a tight range. Analysts highlighted the rally was driven by IT, especially after Infosys announced a potential share buyback. Experts noted the markets' range-bound behavior as a phase of consolidation amid cautious trading ahead of a possible rate cut.
(With inputs from agencies.)
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