Closing bell | Markets extend recovery; IT, metals lift Nifty above 23,100

Indian equity benchmarks ended higher on April 7, capping a volatile session with gains for the fourth consecutive day and closing near the day’s high. The Sensex rose 510 points to 74,617, while the Nifty advanced 155 points to settle at 23,124, reclaiming the 23,100 mark.

The rally was led by IT stocks, with the Nifty IT index emerging as the top sectoral gainer. Wipro rose over 3%, while other IT heavyweights also contributed to the upside.

Metal stocks were also in focus after JPMorgan upgraded Hindalco and Vedanta to ‘overweight’ from ‘neutral’, lifting sentiment in the sector.

Among individual stocks, Fortis Healthcare gained nearly 4% after IHH Healthcare told CNBC-TV18 it plans to raise its stake to 50%. Alembic Pharma jumped 5% following a USFDA approval for a key diabetes drug, while CreditAccess Grameen rose 4% on a strong Q4 business update. Godrej Consumer Products also advanced on expectations of double-digit revenue growth.

On the downside, Jubilant FoodWorks fell over 10% after reporting muted like-for-like growth in Q4. Dr Reddy’s Laboratories was the top Nifty loser, while InterGlobe Aviation (IndiGo) declined after Jefferies flagged airlines as among the most exposed to geopolitical risks.

Meanwhile, Brent crude slipped below $108 per barrel, aiding a recovery in oil marketing companies. The rupee ended marginally stronger at 93.01 against the US dollar.