Mumbai (Maharashtra) [India], April 7 : The domestic equity markets witnessed a highly volatile session on Tuesday, opening in the red amid selling pressure but recovering sharply by the close, supported by gains in IT and metal stocks.
The benchmark indices ended the session on a strong note, with the Nifty closing at 23,015.90, up 155.40 points or 0.68 per cent. The BSE Sensex also surged by 509.73 points or 0.69 per cent to settle at 74,616.58.
Market sentiment remained cautious during the day due to elevated crude oil prices and geopolitical concerns, but buying in select sectors helped lift the indices into positive territory.
According to Vinod Nair, Head of Research, Geojit Investments, "The domestic market extended its recovery trend, although the session opened on a weak note amid elevated crude prices and caution ahead of Trump's deadline for Iran. Gains remained largely confined to IT, FMCG, and metals, while broader market breadth stayed weak, reflecting persistent caution."
He added that IT stocks gained due to valuation comfort and support from rupee-related benefits, while FMCG stocks were supported by positive pre-result commentary from large companies.
On the sectoral front, most indices on the NSE closed in the green, except the Nifty PSU Bank index, which declined by 0.71 per cent. The Nifty IT index led the rally with gains of more than 2 per cent, followed by Nifty Metal which rose by 1.55 per cent. Nifty FMCG advanced by 0.82 per cent, while Nifty Media gained 0.80 per cent. Nifty Private Bank also rose by 0.49 per cent, while Nifty Auto registered a marginal gain of 0.08 per cent.
Global cues continued to influence market movements. Brent crude prices moderated slightly from the opening session but remained high, trading at USD 109 per barrel.
Meanwhile, safe-haven assets remained firm, with gold trading at Rs 1,50,439 per 10 grams for 24 karat, and silver at Rs 2,33,306 per kg.
Geopolitical tensions remained a key concern for investors. US President Donald Trump warning of major military action against Iran if an agreement is not reached by Tuesday, adding to uncertainty in global markets.
Asian markets showed a mixed trend during the session. Japan's Nikkei 225 index rose 0.26 per cent to 53,552, while Taiwan's weighted index gained 1.98 per cent to 33,229. On the other hand, Singapore's Straits Times index declined by 0.29 per cent to 4,958, and Hong Kong's Hang Seng index fell 0.71 per cent to 25,116.