Stock Market Live Updates: Sensex, Nifty Climb on Hope of Future Rate Cuts; IT Stocks Dragged Down

The Indian equity markets opened lower today, but managed to recover and maintain their momentum despite the recent decision by the US Fed to hold rates and signals of future rate cuts. The BSE Sensex rose 190.75 points or 0.26% to 72,831.94, and the NSE Nifty gained 84.80 points or 0.39% to 22,096.75. The recovery was led by auto stocks, while IT stocks were under pressure.

Anand James, Chief Market Strategist at Geojit Financial Services, commented on the Nifty outlook, saying, "While the early upswings evolved on anticipated lines yesterday, it took a bit further than the 22,032 for the momentum to fully ease and force a turn lower. But as maintained yesterday, we will persist with a buy-on-dips approach, until we head into the 22,140-220 region."

Meanwhile, the rupee fell 35 paise to settle at an all-time low of 83.48 against the US dollar, tracking a surging greenback against major crosses in the overseas markets and weak Asian peers.

At 3:45 p.m., the BSE Sensex rose 190.75 points or 0.26% to 72,831.94, and the NSE Nifty gained 84.80 points or 0.39% to 22,096.75. IT stocks were under pressure, and automobile stocks rose.

IT Stocks Dragged Down

Indian IT stocks were under pressure today, as the revised forecast and recent downturn in the broader Indian IT index, which saw a decline of over 6% in the last few weeks, raised concerns. However, there are still opportunities for Indian IT companies to thrive, despite challenges. While Accenture's results and guidance were weaker than expected, this could present an opportunity for Indian firms like TCS, Wipro, and Infosys to showcase their resilience and innovation.

BSE Sensex Updates

The BSE Sensex climbed 310.71 points or 0.43% to 72,951.90, and the NSE Nifty rose 123.20 points or 0.56% to 22,135.15. Among the top gainers were Maruti Suzuki India, up 3.70%, and Hero MotoCorp, up 3.53%. Among the top losers were Infosys, down 3.07%, LTIMindtree, down 3.03%, Wipro, down 2.78%, HCL Technologies, down 2.36%, and Tech Mahindra, down 1.79%.

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