Mumbai, March 11:The Indian stock markets remained volatile on Tuesday but managed to recover from early losses. The benchmark indices, Sensex and Nifty, showed resilience despite weak global cues and concerns over a potential recession in the US.
The Sensex started the day with a sharp fall of 371 points and hit a low of 73,664. However, steady buying interest helped it recover, reaching an intra-day high of 74,187. The index eventually closed nearly flat, down 13 points at 74,102. The Nifty traded in a broad range of over 200 points, moving from a low of 22,315 to a high of 22,522, before settling 38 points higher at 22,498 during an intra-day trading session.
“Despite the shaky start, Nifty demonstrated resilience, erasing losses and trending higher throughout the session,” said Sundar Kewat of Ashika Institutional Equity. Kewat added that the index now hovers around the crucial resistance level of 22,500, which will be closely watched in the coming sessions.
Among the key stocks, IndusInd Bank saw a sharp decline of 27 per cent after revealing discrepancies in its derivative portfolio, which could impact its net worth by Rs 1,577 crore. On the other hand, ICICI Bank, and Bharti Airtel helped lift the market sentiment.
Top gainers on the Nifty included Trent, Sun Pharma, ICICI Bank, Shriram Finance, and BPCL, while major losers were IndusInd Bank, Infosys, Bajaj Finserv, Power Grid Corporation, and M&M. Sector-wise, metal, realty, telecom, and oil &gas stocks gained between 0.5 per cent and 3 per cent, while auto, IT, and banking stocks saw losses of 0.3 per cent to 0.7 per cent. In the broader market, the BSE Midcap index rose 0.7 per cent, but the Smallcap index ended down by 0.7 per cent.
Meanwhile, Morgan Stanley released a report predicting that the Sensex could reach 93,000 by December 2025 in its base-case scenario and could touch 1,05,000 in a bullish scenario. In the currency market, the Indian rupee strengthened, ending 12 paise higher at 87.21 per dollar compared to the previous close of 87.33 as it was supported by weaker crude prices and a soft dollar index.
IANS