Sensex, Nifty End Higher After Volatile Trade; IT, Metals Lead, Adani Stocks Drag

Indian benchmark indices ended higher on April 7 after a choppy and volatile trading session, as late buying in IT and metal stocks helped the market recover from early losses amid mixed global cues.

The BSE Sensex rose around 500 points, or 0.69%, to close above the 74,600 mark, while the Nifty 50 gained 155 points, or 0.68%, to settle above 23,100.

Markets opened on a weak footing, tracking subdued global sentiment and a rise in crude oil prices, which weighed on investor mood in early trade. However, indices gradually pared losses and moved into positive territory as the session progressed, supported by strong buying interest in heavyweight IT stocks.

Shares of Wipro, HCLTech, Infosys and Tata Consultancy Services were among the top gainers on the Nifty, lifting the IT index sharply higher. The rally in IT stocks comes amid expectations of stable demand outlook and a relatively defensive appeal in uncertain global conditions.

Metal stocks also advanced during the session, supported by firm global commodity prices and selective brokerage optimism. Shares of Hindalco Industries gained notably after a positive view from analysts, contributing to the uptick in the metals index.

On the downside, losses in select heavyweight counters capped sharper gains in the benchmarks. Shares of Adani Enterprises and Adani Ports and Special Economic Zone declined, dragging the indices. Pharma major Dr. Reddy’s Laboratories and aviation stock InterGlobe Aviation also ended in the red, reflecting stock-specific weakness.

Sectorally, the Nifty IT, metal, realty and media indices closed higher, indicating a shift towards cyclical and export-oriented segments. In contrast, PSU banks and consumer durable stocks underperformed, reflecting cautious sentiment in domestic-facing sectors.

The broader market showed mixed trends. While midcap stocks managed to post mild gains, smallcap stocks remained largely flat, indicating a lack of broad-based participation and continued selectivity among investors.

Global markets offered a mixed backdrop for domestic equities. Asian markets ended largely subdued, with indices in Japan and China trading under pressure amid concerns over slowing global growth and persistent geopolitical uncertainties. European markets, however, were trading marginally higher during Indian market hours, supported by gains in energy and mining stocks as commodity prices remained firm.

In the US, Wall Street indices had closed on a mixed note in the previous session, with the S&P 500 and Nasdaq Composite showing resilience due to gains in technology stocks, while the Dow Jones Industrial Average faced mild pressure. The strength in global technology stocks also lent support to Indian IT names, which tend to track US tech trends closely.

Meanwhile, crude oil prices remained elevated, hovering near recent highs, which kept inflation concerns alive and limited the upside for equities globally. Rising oil prices are particularly significant for India, given its status as a major oil importer, and tend to weigh on macroeconomic stability and market sentiment.

Analysts said that markets are likely to remain volatile in the near term, given the uncertain global backdrop, fluctuating commodity prices, and ongoing concerns around inflation and interest rates. However, they noted that selective buying in export-oriented sectors such as IT, along with stock-specific opportunities in metals, is providing support to the market at lower levels.

Overall, the day’s trade reflected a tug-of-war between global headwinds and domestic resilience, with late-session buying helping benchmark indices end in positive territory despite a shaky start.