The Indian stock markets experienced volatility on Tuesday but managed to recover from early losses.
Despite weak global cues and growing concerns about a potential recession in the United States, the benchmark indices Sensex and Nifty demonstrated resilience and closed nearly flat.
The Sensex started the day with a sharp decline of 371 points, hitting a low of 73,664. However, steady buying interest helped the index recover, reaching an intra-day high of 74,187.
The index eventually closed down by just 13 points at 74,102, reflecting its ability to bounce back after the initial fall.
Nifty Moves Within A Broad Range, Ends Higher In Stock
Similarly, the Nifty also faced early volatility, trading in a broad range of over 200 points. The index fluctuated from a low of 22,315 to a high of 22,522 before settling 38 points higher at 22,498.
Sundar Kewat of Ashika Institutional Equity noted, “Despite the shaky start, Nifty demonstrated resilience, erasing losses and trending higher throughout the session.”
He added that the index is now hovering around the crucial resistance level of 22,500, which will be closely monitored in the coming sessions.
Also Read: Elon Musk Suggests Ukraine’s Involvement In Cyberattack On X
Among the key stocks, IndusInd Bank saw a significant decline of 27% after disclosing discrepancies in its derivative portfolio, which could impact its net worth by Rs 1,577 crore.
This news put pressure on the broader market sentiment. However, ICICI Bank and Bharti Airtel helped lift investor sentiment, contributing to the market’s recovery.
Sector Performance: Mixed Results Across Industries
Sector-wise, metal, realty, telecom, and oil & gas stocks gained between 0.5% and 3%. In contrast, the auto, IT, and banking sectors experienced losses of 0.3% to 0.7%.
In the broader market, the BSE Midcap index rose by 0.7%, while the Smallcap index ended the session down by 0.7%.
A positive development for long-term market outlook, Morgan Stanley released a report predicting that the Sensex could reach 93,000 by December 2025 in its base-case scenario.
In a more bullish scenario, the Sensex could touch 105,000, signaling optimism for the future.
Indian Rupee Strengthens Against The Dollar
On the currency front, the Indian rupee gained strength, ending 12 paise higher at 87.21 per dollar compared to the previous close of 87.33.
The rupee was supported by weaker crude prices and a soft dollar index, which helped boost investor confidence.
To read more such news, download Bharat Express news apps
