SENSEX rises 274 points, NIFTY50 trades at 24,848 as IT stocks rally, Infosys top gainer

The Indian stock market opened higher for the fourth consecutive session on Tuesday, September 9, buoyed by positive global cues and a rally in IT stocks.

The broader market was also seen trading higher in the early session, with both Nifty Midcap 100 and Nifty Smallcap 100 rising 0.10% and 0.12%, respectively.

Among sectors, Nifty IT climbed 1.49%, followed by Nifty Pharma (0.36%) and Nifty Auto (0.31%). However, Nifty FMCG (-0.12%) and Nifty Realty (-0.32%) slipped in the opening session.

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.

Globally, most of the stocks in Asia were seen higher on Tuesday as investors turned their focus to the US Federal Reserve’s rate cut.

Hong Kong's Hang Seng was up 0.84%, South Korea's KOSPI rose 1.15%, and Japan's Nikkei climbed 0.12%. Shanghai Composite, however, slipped 0.29%.

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.

As many as 2,586 stocks traded on the NSE during the early session, among which 1,378 were trading in the green, 1,129 were trading in the red, and 79 shares remained unchanged.

This indicates that the market's breadth was favourable to advances.

Meanwhile, 68 stocks hit their one-year highs in the early trade, while only 12 stocks touched their 52-week lows.

Further, 41 stocks also hit their lower circuits, while 18 stocks hit their upper circuits.

India VIX, the volatility gauge, was trading marginally up by 0.09% at 10.85 levels.

Infosys was the most contributing stock, gaining 3.36% following its buyback announcement. Wipro (2.37%), Dr Reddy’s (1.63%), Eicher Motors (1.34%), and Tech Mahindra (1.11%) were the other top gainers.

On the flip side, Eternal (-0.91%), Bajaj Auto (-0.56%), Shriram Finance (-0.49%), Tata Steel (-0.47%) and JSW Steel (-0.35%) were the biggest losing stocks on the 50-share index.