The Indian stock market witnessed a robust recovery on Tuesday, April 7. After a sharp decline in early trading, the market ultimately closed with impressive gains. A drop in crude oil prices and positive cues from global markets served to boost investor sentiment.

Market Overview

The Bombay Stock Exchange’s (BSE) 30-share benchmark index, the Sensex, closed at 74,616.58, gaining 509.73 points (0.69%). The Sensex experienced significant volatility throughout the day, fluctuating between a high of 74,686.32 and a low of 73,282.41—reflecting a movement range of approximately 1,403.91 points.

Similarly, the National Stock Exchange’s (NSE) Nifty surged 155.40 points (0.68%) to close at the 23,123.65 level.

IT Stocks Take the Lead

The IT sector deserves the primary credit for today’s recovery. According to market analysts, IT stocks acted as a “defensive anchor,” enabling the market to recoup its early losses. Among the Sensex heavyweights, Tata Consultancy Services (TCS), HCL Tech, and Infosys were among the top gainers. Apart from these, stocks such as Bharti Airtel, Sun Pharma, and Hindustan Unilever also witnessed strong buying activity.

Conversely, stocks like InterGlobe Aviation (IndiGo), Adani Ports, Mahindra & Mahindra, and Titan recorded declines, featuring on the list of top laggards.

Impact of Global Cues

The softening of crude oil prices also provided support to the Indian market. The global oil benchmark, Brent crude, fell 0.71% to trade at $109 per barrel. In Asian markets, South Korea’s KOSPI, Japan’s Nikkei, and the Shanghai Composite closed with gains. European markets were also trading in positive territory, while US markets had closed higher on Monday.

The Role of Institutional Investors

According to exchange data, on Monday, Foreign Institutional Investors (FIIs) sold shares worth ₹8,167.17 crore, while Domestic Institutional Investors (DIIs) attempted to support the market by making purchases worth ₹8,088.70 crore.