HCL Technologies led a technology-led advance in Indian equities after strong quarterly results, while mixed market breadth underscored investors’ selective approach.
Indian shares held firm on Tuesday, with information technology stocks driving the benchmark indices higher after quarterly results from HCL Technologies and other sector heavyweights. At 1:19 pm local time, the Sensex was up 0.80 per cent at 72,498.13 and the Nifty 50 had climbed 0.81 per cent to 22,544.30, keeping the market above the 22,500 level as investors digested a mixed earnings season. Later live market data suggested the Nifty’s advance stretched further into the afternoon, with financial portals showing it above 22,600.
HCL Technologies was the standout mover, rising 7.44 per cent to ₹1,314 after reporting its latest quarterly numbers and emerging as the strongest Nifty gainer by a wide margin. TCS gained 5.86 per cent, Tech Mahindra advanced 4.33 per cent and Infosys added 2.94 per cent, underscoring the extent to which the session was being shaped by optimism around technology earnings. HCL said in its results and related disclosures that revenue for the quarter ended September 30 reached ₹35,620 crore, while net income came in at ₹5,132 crore, and the board declared an interim dividend of ₹12 a share.
Market participants said the tone in IT remained constructive even as the wider market was more restrained. Ponmudi R, chief executive of Enrich Money, said the sector had gained nearly 2 per cent and that the early move pointed to continued investor interest in technology shares, although broader sentiment remained cautious. That caution showed up in the market breadth: on the BSE, losers outnumbered gainers, while more stocks hit 52-week lows than highs and lower circuit triggers also exceeded upper circuits.
The rest of the blue-chip board was less uniform. Kotak Mahindra Bank, Max Healthcare, Eternal, Maruti Suzuki and Adani Ports were among the laggards, showing that the session was not a broad-based risk-on move. The split between a strong IT rally and weakness elsewhere suggested investors were still being selective, with earnings visibility mattering more than the overall direction of the market.
Beyond equities, the rupee extended its rebound and commodity prices were mixed. The dollar-rupee pair traded around 95.265, helped by expectations that the Reserve Bank of India’s dollar window for oil companies would ease monthly foreign-exchange demand by an estimated $10 billion to $12 billion. Crude oil prices eased, while gold held above the $4,200 an ounce mark and silver underperformed, reflecting the usual tug-of-war between geopolitical tension, interest-rate expectations and currency moves. Traders also continued to watch whether the Nifty could hold above 22,500 and build towards 22,600 as the session progressed.
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