India’s stock market staged a recovery on Thursday, reversing early losses to end the session in positive territory. Although the indices opened on a weak note, late-session buying helped the Sensex and Nifty close higher. FMCG stocks gained, while IT stocks remained under pressure.
On February 6, the BSE Sensex closed up 266.47 points at 83,580.40. The NSE Nifty 50 index also ended higher, gaining 50.90 points to settle at 25,693.70.
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FMCG stocks rally, IT stocks under pressure
After a full day of trading, LIC’s stock price rose by more than 7 per cent, while ITC gained over 5 per cent. Shares of Kotak Mahindra Bank, Hindustan Unilever, Bharti Airtel, and Bajaj Finance also ended higher.
On the downside, several IT stocks declined, including TCS and Tech Mahindra. Adani Ports, Asian Paints, and Eternal also closed lower.
Market view and global cues
Vinod Nair, Research Head at Geojit Investment, told the media that the market remained sluggish for most of the session, with some momentum emerging towards the close. According to him, selective buying was seen in FMCG and private bank stocks, while domestic IT stocks witnessed selling pressure.
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He added that the Reserve Bank of India’s policy announcements were largely in line with expectations. On the global front, investors are closely watching developments in US-Iran relations.
