Sensex climbs 300 as Nifty crosses above 23,300 on Tuesday
As markets were on course for a fifth consecutive session of losses, the Indian stock market showed signs of life on Tuesday.
The Sensex climbed 300 points from its lowest point, and the Nifty crossed back above 23,300.
By midmorning, both indices were still slightly down overall, but the mood had definitely improved.
SaaS demand fuels 3rd IT rally
IT stocks were the real MVPs today, rallying for a third session thanks to strong demand for SaaS-based services, which brokerage firm CLSA highlighted in a bullish note.
Market activity was pretty balanced too: about as many stocks rose as fell, and volatility dropped by 3%, making it easier for buyers to step back in.
Still, experts warn that if Nifty decisively trades below 23,200, things could get rocky, so expect some ups and downs ahead.