Business

IIE DIGITAL DESK ;  June 23: India’s domestic stock market showed signs of recovery on Tuesday as both benchmark indices, the Sensex and Nifty, managed to move into positive territory after witnessing an early decline. Although trading began on a weak note amid selling pressure, strong buying interest soon emerged, helping the market recover from its initial losses. At the end of the first hour of trading, the Sensex was up by 0.09 percent, while the Nifty gained 0.08 percent.

Among the heavyweight stocks, Dr. Reddy’s Laboratories, Cipla, Sun Pharmaceutical Industries, Shriram Finance, and Apollo Hospitals were among the top gainers during the first hour of trading. Their shares registered gains ranging from 0.86 percent to 2.75 percent. On the other hand, technology and metal stocks faced selling pressure. Infosys, Hindalco Industries, Tata Consultancy Services (TCS), HCL Technologies, and Wipro were trading lower, with losses ranging between 1.20 percent and 2.83 percent.

The available market data, active trading was taking place in 2,779 stocks across the market. Out of these, 1,555 stocks were trading in the green with gains, while 1,224 stocks remained in the red. Market breadth also reflected a positive bias. Among the 30 constituent stocks of the Sensex, 19 were trading higher due to buying support, while 11 stocks were under pressure and remained in negative territory. Similarly, among the 50 stocks included in the Nifty index, 31 were trading with gains and 19 were trading lower.

The BSE Sensex opened the day at 77,086.05 points, registering a marginal decline of 8.02 points from its previous close. Soon after trading commenced, increased selling pressure pushed the index down to an intraday low of 76,878.66 points. However, buyers quickly stepped in, triggering a recovery in the benchmark index. Supported by sustained buying activity, the Sensex moved back into positive territory. Amid continuous buying and selling, the index was trading at 77,163.41 points at 10:15 a.m., reflecting a gain of 69.34 points over the previous session.

The NSE Nifty followed a similar pattern. The index started the day at 24,071.30 points, down by 31.60 points from its previous close. Selling pressure immediately after the opening bell dragged the benchmark down to 24,040.05 points. However, renewed buying interest helped the index recover steadily. Within the first half hour of trading, the Nifty had already moved back into positive territory. At 10:15 a.m., after one hour of market activity, the Nifty was trading at 24,122.55 points, up by 19.65 points.

The overall trend during the early session suggested that investors were willing to buy quality stocks at lower levels despite the weak opening. The recovery in both benchmark indices indicated resilience in the market, with pharmaceutical and healthcare stocks leading the gains while information technology stocks remained under pressure. Market participants will continue to monitor domestic and global developments closely to determine whether the positive momentum can be sustained throughout the trading session.