Indian markets extended their recovery for a second straight session, with the Sensex closing at 74,729.27 (up 413.66 points, or 0.56%) and the Nifty at 23,146.15 (up 148.80 points, or 0.65%). IT stocks led the rally, with the Nifty IT index up 3.92% following strong quarterly results, while most other sectors ended lower and midcap and smallcap indices were broadly flat. Ajit Mishra of Religare Broking said metal and auto stocks supported sentiment while weakness in FMCG, realty and energy capped gains; the rupee firmed, but Brent crude near USD 105 a barrel, persistent inflation concerns and US bond yields kept investors cautious. Markets are now looking ahead to quarterly earnings from major banks. Analyst Vipin Dixena pointed to the divergence between strong IT stocks and cautious sentiment elsewhere, and said the next phase will depend on whether corporate earnings can justify valuations.
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