The NIFTY 50 index today top gainers and losers

The NIFTY 50 index today top gainers and losers 

The NIFTY 50 index is trading at 23,501.45, recovering from its initial losses to climb 118.85 points (+0.51%) as of 1:29 PM IST.

The index opened with a gap-down at 23,229.15, hitting an intraday low of 23,229.15 before making a sharp V-shaped recovery to a high of 23,502.85.

Major Market DriversThe IT Cushion: A powerful surge in information technology stocks has completely turned the market around. The IT index jumped over 4% following blockbuster earnings from US enterprise software giants like Salesforce and Snowflake, which confirmed a massive global enterprise AI spending cycle.

Macro Headwinds: Despite the recovery, the broader market remains pressured by negative global cues, including stalled US-Iran peace negotiations, elevated Brent crude oil tracking near $95 per barrel, and domestic worries over a below-normal monsoon.

Key Technical Levels to WatchImmediate Resistance: 23,654Major Pivot Support: 23,350