NIFTY50, SENSEX reverse losses to end higher as IT heavyweights like TCS, Infosys, and others fuel gains

IT stocks like TCS, Infosys, HCL Tech, Wipro, and Tech Mahindra rallied during the trading session on Tuesday after investors focused on positive cues from the US software and technology stocks.

The positive sentiment was backed by the better-than-expected financial results of the US-based tech companies, as concerns eased over artificial intelligence (AI) in the market.

The NIFTY50 index closed 0.43% or 100.95 points higher at 23,483.55 points after Tuesday’s trading session, compared to 23,382 points at the previous stock market close, according to NSE data.

While the BSE SENSEX also closed 0.52% or 382.50 points higher at 74,649.84 points after the trading session on June 2, compared to 74,267.34 points at the previous stock market session.

After trading in the red during the morning market session, the rally in IT stocks in the afternoon trading hours supported the recovery of the benchmark indices on Tuesday.

The indices were also facing downward pressure from the foreign investor outflow in the early hours, while uncertainty over an agreement between the United States and Iran was impacting the overall market sentiment.

Top gainers & losers today

Tata Consultancy Services (TCS), Infosys, HCL Tech, Adani Enterprises, Wipro, and Tech Mahindra were among the top gainers on NIFTY50 after the trading session on Tuesday, June 2.

TCS up 6.6%, Infosys up 5.6%, HCL Tech was up 4.1%, Adani Enterprises up 2.1%, Wipro up 1.7%, and Tech Mahindra up 1.7% as of the stock market close.

NTPC, Axis Bank, Power Grid Corp., HDFC Life Insurance, Dr Reddy’s, and Bajaj Auto were among the top laggards as of the stock market close on Tuesday, as per NSE data.

NTPC was down 2.9%, Axis Bank down 1.7%, Power Grid Corp. down 1.4%, HDFC Life Insurance was down 1.2%, Dr Reddy’s was down 1%, and Bajaj Auto lost 1% as of the market close on Tuesday.