Stock Market Today: Sensex Recovers 588 Points From Day's Low During Last-Hour Trade As Tech Shares Rally

• Rupee strengthened by 26 paise to close at 86.33 against the US dollar.

• It closed at 86.59 on Tuesday.

Source: Bloomberg

Gains in information technology stocks powered Indian benchmarks higher in the last two hours as US President Donald Trump's plans for artificial intelligence offset trade tariff risks.

The S&P BSE Sensex closed 566 points or 0.75% up at 76,404, while the NSE Nifty 50 was 130.7 points or 0.57% higher at 23,135.5. Intraday, the NSE Nifty 50 rose 0.63% to 23,169.5, and the S&P BSE Sensex advanced 0.82% to 76,463.1.

Technically, after the intraday correction, the Nifty found support near 23,000 and bounced back sharply, Shrikant Chouhan, Head Equity Research, Kotak Securities, said. "However, the short-term trend of the market remains weak."

Trump pushed to make the US an AI superpower by having fewer guardrails. He halted the implementation of key safety and transparency requirements for AI developers.

IT bellwethers Infosys Ltd., Tata Consultancy Services Ltd., and Wipro led the gain in the Nifty in early trade. All three companies surged over 2% during the session, while Tech Mahindra shares rose over 1%.

Stocks in China fell after Trump said he was still considering a 10% tariff on all goods from the country. Health care and technology stocks were among the biggest gainers in Europe. Futures on the S&P 500 and Nasdaq 100 hinted at a strong start for Wall Street.

For day traders, 23000 (Nifty) / 75850 (Sensex) would act as a crucial support zone, Chouhan said. If the index stays above this level, the pullback formation is likely to continue, he said.

Infosys Ltd., HDFC Bank Ltd., Tata Consultancy Services Ltd., Kotak Mahindra Bank Ltd. and Sun Pharmaceutical Industries Ltd., led the advance in Nifty 50 index.

Tata Motors Ltd., Bharat Electronics Ltd., Axis Bank Ltd., Larsen & Toubro Ltd. and Trent Ltd. weighed on the benchmark index.

Nine out of the 12 sectors on the NSE declined, with Nifty realty and Nifty Media falling the most on Wednesday. Nifty IT rose the most in trade.

On BSE, 15 sectors declined, and six advanced out of 21. The BSE Focused IT rose the most, while the BSE Realty declined the most.

Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices were trading 1.20% and 1.56% down, respectively.

Market breadth was skewed in favour of sellers. Around 2,799 stocks declined, 1,149 stocks advanced, and 11 stocks remained unchanged on BSE.

Housing & Urban Development Corp.'s board approved the proposal to exit from Ind Bank Housing. The board also approved increasing of fiscal 2025 borrowing plan to Rs 55,000 crore from Rs 40,000 crore, according to an exchange filing on Wednesday.

Indian Metals and Ferro Alloys Ltd. signed a power purchase Pact with JSW Green Energy One and JSW Green Energy Seven for 25 years, according to an exchange filing on Wednesday. The companies are in pact to supply hybrid renewable power of 70 megawatt contracted demand.

Shares of RattanIndia Power Ltd. spiked over 4% on Wednesday after the company reported a net profit of Rs 4.33 crore against a loss in the previous year.

RattanIndia Power Q3 Highlights (Consolidated, YoY)

• Revenue down 9.1% to Rs 733 crore versus Rs 806 crore.

• Ebitda down 47.4% to Rs 90.3 crore versus Rs 172 crore.

• Margin at 12.3% versus 21.3%.

• Net profit at Rs 4.33 crore versus a loss of Rs 587 crore.