Sensex Rebounds Sharply, Rises Over 1,000 Points; Nifty Above 17,300. IT Stocks Rally

Sensex Rebounds Sharply, Rises Over 1,000 Points; Nifty Above 17,300. IT Stocks Rally

Sensex and Nifty, the two key equity benchmarks, on Friday rebounded sharply and rallied higher on positive global cues and easing crude oil prices.

At 10.15 am, the BSE Sensex was trading at 58,270, up 1,035 points, while the broader NSE Nifty was at 17,305, up 290 points.

On the 30-share Sensex platform, all the stocks were trading in the green, with Infosys leading the pack, up 4.63 per cent followed by HCL Tech, TechM, L&T, HDFC twins, Titan, ICICI Bank, and others.

India’s second largest IT services company Infosys on Thursday posted better-than-expected 11 per cent rise in consolidated net profit at Rs 6,021 crore for the September quarter and announced buyback of shares worth Rs 9,300 crore.

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 advanced over 1 per cent each. Volatility gauge, India VIX, meanwhile, slipped over 8 per cent.

All sectors were trading in the positive territory with Nifty Bank and Nifty IT indices leading the front.

In the previous session on Thursday, the Sensex dived 390 points (0.68 per cent) to settle at 57,235. Likewise, the broader NSE Nifty fell 109 points (0.64 per cent) to end at 17,014.

In Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong were trading higher in mid-session deals.

Equities on Wall Street ended significantly higher on Thursday.

 Brent crude futures, the global oil benchmark, fell 0.13 per cent to $94.45 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 1,636.43 crore on Thursday, according to exchange data.

Meanwhile, the rupee after opening on a positive note, pared the gains and slipped 5 paise to 82.29 against the US dollar amid high volatility in early trade on Friday.

At the interbank foreign exchange, the domestic unit opened at 82.26 against the dollar, then touched 82.12, registering a gain of 12 paise over its previous close. In initial trade, the rupee also touched 82.29 against the American currency. On Thursday, the rupee had settled at 82.24 against the greenback.