Market Rebounds with IT and Banking Shares Leading the Charge

MUMBAI: In a remarkable turnaround, the Sensex leaped nearly 567 points, with the Nifty reclaiming the 23,150 level on Wednesday. This surge was fueled by value buying in IT and banking shares, alongside positive global market trends.

The Sensex closed at 76,405, marking a 0.75% increase, driven by significant gains in Infosys, TCS, and HDFC Bank. At its peak during the day, the benchmark soared 624.77 points to hit an intraday high of 76,463.

Similarly, the broader NSE Nifty climbed 131 points to settle at 23,155, after reaching an intraday high of 23,170. This recovery comes after the indices hit seven-month lows on Tuesday, amidst foreign fund outflows and investor profit-taking due to tariff war concerns.

Expert Insights on Market Recovery

Vinod Nair of Geojit Financial Services commented, "The benchmark indices rebounded amidst heightened volatility following better-than-expected results from a major private bank. The IT sector led gains, recovering from recent losses, while mid and small-cap stocks continued to underperform due to valuation concerns."