Midday Market Report: Sensex up 250 points, Nifty near 23,200; HCL Tech falls 8%

The Sensex and Nifty50 bounced back on Tuesday afternoon, recovering from their seven-month low seen in the previous session. Buoyed by gains in banking, auto, and energy stocks, the BSE Sensex rose 250 points (0.31 percent) to 76,565, while the Nify50 gained 84 points (0.37 percent) to trade near 23,200 from several.

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Top gainers: Zomato, IndusInd Bank, and NTPC shine

Key players like Zomato, IndusInd Bank, NTPC, Adani Ports, SBI, and Tata Motors led the recovery, with gains ranging between 2-3 percent in early trade.

HCL Tech leads IT pack after Q3 results

Shares of HCL Technologies fell 8 percent to Rs 1,821.65 on the day. This came after the company reported a 6 percent rise in consolidated profit at Rs 4,591 crore in Q3FY25, which fell short of market expectations. Peer IT stocks like Infosys and Tech Mahindra also faced selling pressure.

JSW Energy steps up with acquisition milestone

Shares of JSW Energy gained 4.39 percent, to Rs 540.50, after the company received a letter of intent to buy KSK Mahanadi Power Company, which operates 3,600 MW of thermal power plants, through insolvency proceedings.

Quadrant Future Tek starts at a premium of 29%.

Newly listed Quadrant Future Tek performed strongly in the market, opening at Rs 370 on the NSE, marking a 29 percent premium over the IPO issue price. On BSE, the stock is trading at Rs 374, indicating strong investor demand.

Afcons Infrastructure secures a major project

Afcons Infrastructure saw its stock rise 3.5 percent to Rs 496.70 after it was declared the lowest bidder (L1) for the Rs 4,787 crore Pune Ring Road project, awarded by the Maharashtra State Road Development Corporation.

The market outlook remains cautious

Although indicators showed firmness, analysts remained cautious amid mixed earnings reports and continued uncertainty around the world. The banking and energy sectors continue to anchor the markets, but the IT space may face headwinds due to hot results.

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