Mumbai’s stock market is on fire today, with the Sensex surging nearly 700 points in a stunning recovery from yesterday’s sharp decline. As trading progresses, the benchmark index touched an intraday high of 82,957.91, marking a robust gain of over 732 points from its previous close of 82,225.92.
This dramatic turnaround has analysts buzzing about multiple catalysts at play. Leading the charge is robust buying in IT stocks, where the Nifty IT index climbed 2.27%. Experts attribute this to the transformative impact of AI on software firms, opening new doors for growth. Recent partnerships, like Anthropic with Infosys and TCS collaborating with OpenAI, underscore the sector’s bright prospects.
Global markets are also lending a hand. US indices closed higher on Tuesday, setting a positive tone across Asia and fueling optimism in India. The mood is buoyant as investors eye sustained upward momentum.
Adding to the bullish sentiment, the Indian rupee strengthened against the dollar, trading at 90.89 after gaining 6 paise. A weaker dollar index has made Indian equities more attractive, spurring fresh investments.
Foreign institutional investors (FIIs) are turning buyers again. Despite minor selling of Rs 102.53 crore yesterday, they had poured in Rs 3,483.70 crore on Monday. This shift signals growing confidence in Indian markets, potentially heralding a new phase of inflows.
As the session unfolds, all eyes are on whether this rally sustains, with domestic indices reflecting renewed investor faith amid favorable global and local cues.