Business · India Bureau
Tech stocks propel Nifty higher, ending two-month downtrend
India's benchmark Nifty 50 index rebounded sharply on the back of gains in information technology stocks, marking an end to an eight-week losing streak. The index advanced 289 points, with energy stocks remaining the sole sectoral laggard.
LSN India ·
The Nifty 50 index reversed its recent bearish momentum as technology and software companies led a broad-based market recovery. The benchmark's gain of 289 points represented a significant turnaround after weeks of consecutive declines that had weighed on investor sentiment across Indian equities.
Information technology stocks emerged as the primary driver of the day's rally, with major players in the sector posting notable gains. The momentum in tech shares reflected renewed investor interest in India's software and IT services space, which has faced headwinds in recent months amid global economic uncertainties.
Among the 15 major sectoral indices tracked by the exchange, energy stocks proved to be the exception, with the Nifty Oil & Gas index closing in negative territory. The underperformance in energy was attributed to ongoing concerns over crude oil prices and global demand outlook.
Analysts noted that the market's recovery, though positive, would need to be sustained over coming sessions to confirm a shift in the overall trend. The eight-week decline had prompted concerns among market participants about the durability of India's equity rally.