Indian equity markets extended their upward momentum on Tuesday, with benchmark indices staging a sharp intraday recovery supported by strong buying in information technology stocks, easing volatility, and expiry-led trading activity.

The Nifty 50 reclaimed the 23,500 mark, rising around 0.65% to trade near 23,534 in afternoon deals, while the BSE Sensex surged nearly 1,000 points from its intraday low to trade about 0.72% higher near 74,800. Broader markets also participated in the rally, with midcap and smallcap indices posting modest gains.

A key driver of the upmove was a sharp rally in IT stocks, which emerged as the standout sector of the session. The Nifty IT index jumped more than 4%, led by strong gains in major constituents such as Infosys and Tata Consultancy Services, both of which advanced over 5% during trade. Coforge also saw notable gains, adding further momentum to the sectoral rally.

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Market sentiment was additionally supported by a decline in India’s volatility index, with the India VIX falling around 3% to near 16 levels. The drop in the fear gauge indicated improving investor confidence and a reduced perception of near-term market risk, encouraging fresh buying at higher levels.

Traders also pointed to the weekly expiry of Nifty 50 derivatives contracts as a factor contributing to intraday volatility and sharp price swings. Expiry sessions typically witness elevated trading volumes as positions are squared off or rolled over, often amplifying short-term market movements beyond underlying fundamentals.

Overall, the combination of strong IT-led buying, easing volatility indicators, and expiry-driven positioning helped fuel the broad-based market recovery, with most sectoral indices trading in positive territory, except for selective weakness in defensives such as pharmaceuticals.

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