Daijiworld Media Network - Mumbai
Mumbai, Feb 25: Indian equity benchmarks opened on a strong note on Wednesday, February 25, tracking positive global cues and a sharp rebound in information technology (IT) shares.
The SENSEX surged as much as 581 points in early trade, while the NIFTY50 touched an intraday high of 25,595. At 9:35 am, the SENSEX was up 516 points at 82,741, and the NIFTY50 advanced 148 points to 25,573.
The rally was led by gains in frontline IT counters such as Infosys, HCL Technologies, Tata Consultancy Services and Tech Mahindra. The NIFTY IT index rose 2.5%, witnessing value buying and short covering after the index had slumped over 20% in the past month.
Tech Mahindra emerged as the top gainer in the NIFTY50 pack, climbing 2.5% to Rs 1,379. TCS, Wipro, HCL Technologies, Power Grid, Infosys, InterGlobe Aviation, Tata Steel and Hindalco gained between 1.25% and 2.25%.
Asian markets traded higher following a strong overnight close on Wall Street. Japan’s Nikkei 225 rose 1.44% to hit a fresh all-time high, while South Korea’s KOSPI surged 2.14% to a record high, driven by gains in chipmakers.
China’s Shanghai Composite advanced 0.84%, and Hong Kong’s Hang Seng Index added 0.5%.
In the US, the Dow Jones Industrial Average rose 0.76%, the S&P 500 gained 0.77%, and the tech-heavy Nasdaq Composite climbed 1.04% as investors reassessed the impact of AI on existing services.
Chipmaker Advanced Micro Devices rallied 8.8% after announcing a multi-year chip supply deal with Meta Platforms to support its AI initiatives.
Back home, buying interest was visible across sectors. Indices tracking Metal, Realty, Oil & Gas, Consumer Durables, Private Bank, Media, FMCG and Bank stocks rose between 0.3% and 1.3%.
Broader markets also advanced, with the NIFTY Midcap 100 gaining 0.43% and the NIFTY Smallcap 100 rising 0.5%.
However, shares of solar energy companies such as Waaree Energies, Premier Energies and Vikram Solar traded with notable losses after the Trump administration imposed a preliminary duty of 126% on solar imports from India, citing unfair manufacturing subsidies.
Among laggards in the NIFTY50 were Dr Reddy’s Laboratories, Max Healthcare, Eicher Motors, State Bank of India, Bajaj Finance, Shriram Finance and Asian Paints.
Market breadth remained firmly positive, with 1,801 shares advancing against 801 declining on the NSE, reflecting broad-based optimism in early trade.