Markets

Sensex rallies 393 points amid firm global cues; IT stocks shine

A view of the BSE building in Mumbai. File   | Photo Credit: PTI

Equity benchmark Sensex rallied 393 points on Thursday, tracking gains in Infosys, TCS and HDFC Bank amid a positive trend in global markets.

The 30-share BSE index ended 392.92 points or 0.75% higher at 52,699. Similarly, the broader NSE Nifty surged 103.50 points or 0.66% to 15,790.45.

Infosys was the top gainer in the Sensex pack, rising over 3%, followed by TCS, Tech Mahindra, HCL Tech and Asian Paints.

On the other hand, Reliance Industries, Bharti Airtel, PowerGrid and SBI were among the laggards.

According to Binod Modi, Head-Strategy at Reliance Securities, benchmarks recovered sharply mainly led by sharp rebound in financials and IT.

Improved prospects of sustained earnings recovery and recent weakness in rupee also augur well for IT stocks, he said, adding that favourable cues from global markets also aided sentiments.

Further, RIL AGM was in focus today in second half of the session, and investors seemed to be in a profit booking mode, he noted.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with gains. Equities in Europe were trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.16% higher at $75.31 per barrel.


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Printable version | Jul 27, 2021 2:47:40 AM | https://www.thehindu.com/business/markets/sensex-rallies-393-points-amid-firm-global-cues-it-stocks-shine/article34948521.ece

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