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

The Sensex and Nifty50 bounced back on Tuesday afternoon, recovering from their seven-month lows seen in the previous session. Boosted by gains in banking, auto, and energy stocks, the BSE Sensex rose 250 points (0.31 per cent) to 76,565, while the Nifty50 gained 84 points (0.37 per cent) to trade near 23,200 as of midday.

Top gainers: Zomato, IndusInd Bank, and NTPC shine

Key players such as Zomato, IndusInd Bank, NTPC, Adani Ports, SBI, and Tata Motors led the recovery, with gains between 2-3 per cent in early trade.

HCL Tech drags IT pack after Q3 results

HCL Technologies shares plunged over 8 per cent, hitting an intraday low of Rs 1,821.65. This came after the company reported a 6 per cent increase in consolidated net profit at Rs 4,591 crore for Q3FY25, which fell short of market expectations. Peer IT stocks such as Infosys and Tech Mahindra also faced selling pressure.

JSW Energy surges on acquisition milestone

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

Quadrant Future Tek debuts at a 29% premium

Newly listed Quadrant Future Tek made a strong market debut, opening at Rs 370 on the NSE, marking a 29 per cent premium over its IPO issue price. On the BSE, the stock traded at Rs 374, signalling strong investor demand.

Afcons Infrastructure secures major project

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

Market outlook remains cautious

While the indices have shown resilience, analysts remain cautious amid mixed earnings reports and ongoing global uncertainties. Banking and energy sectors continue to anchor the markets, but the IT space may face near-term headwinds due to tepid results.