Stock market closes strong, led by IT, Pharma & FMCG; US Rate cut hopes lift sentiment

Mumbai (Maharashtra) [India], September 9 (ANI): Domestic equities closed on Tuesday with strong gains driven by a rally in IT, pharma, and FMCG stocks, as investor sentiment improved amid rising expectations of a US interest rate cut later this month.

At the close of trading session today, BSE Sensex was up 314.02 points or 0.39 per cent at 81,101.32, and the Nifty 50 at National Stock Exchange (NSE) was up 95.45 points or 0.39 per cent at 24,868.60.
Among the Nifty constituents, Infosys and Dr. Reddy's Laboratories emerged as the top gainers, buoyed by sectoral strength and stock-specific triggers.
On the flip side, Trent and Eternal were the biggest laggards. Among the sectoral indices, Nifty IT and Nifty Pharma were top gainers. While Nifty Realty and Nifty Oil & Gas were the top losers.
The broader markets also mirrored the benchmark's muted tone. Nifty Midcap and Nifty Smallcap 100 indices traded in a narrow range for the second consecutive session, indicating a wait-and-watch approach from investors.
"On the weekly expiry day, the benchmark Nifty index remained largely range-bound, oscillating within a narrow band of just 78 points -- marking its tightest intraday range since August 14, 2025. This subdued movement reflects a phase of consolidation as traders remained cautious," said Sudeep Shah, Head - Technical Research and Derivatives at SBI Securities.
"Market sentiment was largely buoyed by IT stocks, which staged a strong rebound. The rally was led by Infosys, which surged over 4 per cent after the company announced that its board would consider a share buyback later this week," said Ajit Mishra - SVP, Research, Religare Broking Ltd.
"Nifty witnessed a range-bound trading session on the weekly expiry and ended positive with a gain of 0.39 per cent. The 25,000 level remains intact, and a break above this could trigger sharp short-covering moves in the indices. The index remains in a buy mode as long as it holds the support level of 24,600," Kunal Shah, Research Analyst Mirae Asset Sharekhan.
The advance-decline ratio remained flat, highlighting the lack of broad-based participation. Notably, 250 stocks from the Nifty 500 universe ended unchanged, underscoring the overall market indecisiveness. (ANI)