Sensex rallies 587 points as IT shares surge on reopening
The Sensex surged 587.87 points to open at 75,369.63 and the Nifty gained over 178 points, led by a rally in IT shares as markets reopened after the Ganesh Chaturthi holiday.
The Sensex rallied 587.87 points to open at 75,369.63 on Tuesday as IT shares surged following the market’s reopening.
The Nifty50 opened 178.05 points higher at 23,576.15, with gains spread across multiple sectors.
Infosys was the top performer, gaining 4.22 percent in early trade, alongside HCL Tech, TCS, Tech Mahindra and HDFC Bank.
The gains came despite Brent crude oil prices remaining near $107 a barrel and mixed cues from global markets.
Indian markets had been shut on Monday for Ganesh Chaturthi, with the Sensex closing at 74,781.76 in the prior session on Friday, September 11.
Foreign institutional investor activity and crude oil price movements have remained the two most-watched factors shaping Indian market sentiment through September.
The Nifty50’s gain of over 178 points at the open reflected broad-based buying interest rather than a narrow, sector-specific rally.
Indian benchmark indices have shown notable volatility through September, swinging between sessions of sharp declines and sessions of strong recovery.
Trading volumes on the opening day after a market holiday are often elevated as investors react to news and global developments that accumulated during the closure.
Analysts have pointed to resilient corporate earnings expectations in the IT sector as a factor supporting the sharp opening gains.
The BSE Sensex and NSE Nifty remain the two primary benchmarks used to track the overall health of Indian equity markets.
Infosys led the gainers on the Sensex, rising 4.22 percent in early trade, with HCL Tech, TCS, Tech Mahindra and HDFC Bank also among the top performers.
The rally in IT shares came despite mixed global cues, with Brent crude oil prices staying near $107 a barrel during the session.
Markets had been closed on Monday, September 14, for the Ganesh Chaturthi holiday, with the last trading session on Friday, September 11, seeing the Sensex close at 74,781.76.
National Stock Exchange of India, Mumbai, Wikimedia Commons, CC BY-SA 2.0
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