Benchmark indices stayed on their upward momentum on Tuesday, brushing aside concerns over elevated crude oil prices, with the Nifty 50 reclaiming the 23,000 mark for the first time since March 25, led by gains in information technology and metal stocks.

The BSE Sensex rose 510 points, or 0.69%, to close at 74,616, while the Nifty 50 advanced 155 points, or 0.68%, to settle at 23,123.

Oil overhang fails to dent sentiment

Markets opened on a weak note, tracking global uncertainty and rising geopolitical tensions involving the US and Iran, which kept Brent crude prices hovering above the $110 per barrel mark.

Elevated crude prices typically weigh on India’s macro fundamentals by stoking inflation and widening the current account deficit. However, equities showed resilience, with investors rotating into select sectors rather than exiting risk assets altogether.

IT stocks power the rebound

A strong rally in IT heavyweights in the second half of the session turned the indices higher. The Nifty IT index gained around 2–3%, with stocks such as Wipro, TCS, HCL Technologies and Infosys leading the gains.

The upmove was aided by a softer US dollar, which improves margin outlook for export-oriented IT firms, along with value buying after recent underperformance. Positioning ahead of the Q4 earnings season also lent support, even as expectations remain for a subdued quarter.

Metals add momentum

Metal stocks also saw buying interest, with Hindalco Industries among the top gainers. The Nifty Metal index rose over 1%, tracking firmness in global commodity prices and improved sentiment in cyclical sectors.

On the Nifty 50, key gainers included Wipro, Hindalco Industries, TCS, HCL Technologies, Infosys, and Bharti Airtel. Top losers included Dr. Reddy's Laboratories, InterGlobe Aviation, Adani Enterprises, Apollo Hospitals and Trent.

Sectoral trend mixed

Sectoral indices painted a mixed picture. While IT and metals outperformed, banking and financial stocks remained under pressure amid caution ahead of the Reserve Bank of India’s policy decision. The Nifty Bank index ended marginally lower, with PSU banks also seeing mild selling.

Auto and FMCG indices were largely range-bound, while pharma stocks witnessed some weakness. Realty stocks, however, posted modest gains, indicating selective buying in domestic-facing sectors.

Broader markets underperformed the benchmarks. Midcap indices ended with marginal gains, while smallcap indices remained largely flat, suggesting the rally was driven primarily by large-cap stocks.