Market Wrap, September 9: SENSEX rises 314 points, NIFTY50 ends at 24,868 as IT stocks rally; Infosys up 5%

The Indian stock market closed higher on Tuesday, September 9, supported by positive global cues and a strong rally in IT stocks.

IT companies saw strong buying interest driven by a spillover effect after Infosys, the country’s second-largest IT firm, announced it is considering a share buyback proposal on September 11.

Globally, stocks in Asia settled mixed on Tuesday as investors turned their focus to the US Federal Reserve’s rate cut.

Hong Kong's Hang Seng was up 1.12%, South Korea's KOSPI rose 1.24%, while Japan's Nikkei slipped 0.28%, and the Shanghai Composite closed 0.51% lower.

On Wall Street, the Nasdaq closed at a record high on Monday, while the S&P 500 also gained as investors bet the Fed’s rate cut move would boost economic growth.

The S&P 500 rose 0.21% to close at 6,495.15 points. The Nasdaq climbed 0.45% to 21,798.70 points, while the Dow Jones Industrial Average gained 0.25% to settle at 45,514.95.

According to exchange data, on Monday, the foreign institutional investors (FIIs) sold equities worth ₹2,170.35 crore on a net basis, while the domestic institutional investors (DIIs) purchased ₹3,014.30 crore worth of equities.

As many as 3,106 stocks traded on the NSE on Tuesday. Out of this, 1,486 advanced and 1,514 declined, while 106 scrips remained unchanged.

This, however, indicates that the market breadth favoured declines.

A total of 108 stocks hit their 52-week highs, while 43 stocks touched their one-year lows. Besides, 93 stocks hit their upper circuit limits, and 68 touched their lower circuit bands on Tuesday.

NSE-listed firms' market capitalisation stood at ₹450.65 lakh crore.

The volatility index India VIX declined 1.40% to 10.69 levels.

The NIFTY Midcap 100 index gained 0.18%, ending at 57,464.35 levels, while the NIFTY Smallcap 100 gauge settled 0.34% higher at 17,744.30 levels.

Infosys contributed most to the index, jumping 4.85%, followed by Dr Reddy’s (3.5%), Wipro (2.81%), Adani Ports (2.54%) and Tech Mahindra (2.45%).

On the flip side, Trent (-1.74%), Eternal (-1.2%), UltraTech Cement (-0.81%), Jio Financial Services (-0.80%) and IndusInd Bank (-0.63%) were the laggards on the 50-share index.

Nifty IT led the gainers, surging 2.76%, followed by Nifty Pharma, which rose 0.86%, and Nifty FMCG, up 0.58%.

On the downside, Nifty Realty and Nifty Oil & Gas were the top laggards, each slipping 0.30%. Nifty PSU Bank declined 0.13%, while Nifty Auto edged down 0.03%. Nifty Media ended the day flat.