3 hrs ago
Sensex, Nifty Rebound as TCS and IT Stocks Rally
India’s main stock market indexes rose early on Friday.
They had fallen sharply over the previous two days.
Shares in Tata Consultancy Services and other technology companies helped lift the market.
TCS reported that its profit had increased by 15% to Rs 13,884 crore.
Some other companies’ shares rose, while shares in several companies, including Reliance Industries and ICICI Bank, fell.
Oil prices also moved lower.
Foreign investors had sold a large amount of Indian shares on Thursday.
Markets in Asia and the United States had mixed or mostly lower performances.
The Sensex rose 292 points to 71,876.10 in early Friday trade, while the Nifty gained 84.60 points to 22,310.40.
The rebound followed two days of sharp declines in both benchmark indices.
Tata Consultancy Services climbed more than 4% after reporting a 15% rise in net profit to Rs 13,884 crore and indicating continued growth momentum.
Infosys, ITC, HCL Tech, Tech Mahindra, Adani Ports and HDFC Bank were among the gainers; Eternal, Bharat Electronics, Reliance Industries and ICICI Bank lagged.
Brent crude fell 1.11% to USD 103 per barrel, while foreign investors sold equities worth Rs 12,943.58 crore on Thursday.
- Who
- India’s Sensex and Nifty, with TCS and other IT stocks among the key movers.
- What
- The benchmark indexes rebounded in early trade after two days of sharp declines.
- Where
- Indian stock markets.
- When
- Friday, in early trade; the previous declines and foreign investor sales were reported for Thursday.
- Why
- A rally in TCS and other IT stocks helped lift the indexes.
Key facts
- Sensex
- Up 292 points to 71,876.10 in early trade.
- Nifty
- Up 84.60 points to 22,310.40 in early trade.
- TCS net profit
- Rose 15% to Rs 13,884 crore.
- Brent crude
- Down 1.11% to USD 103 per barrel.
- Foreign investor sales
- Foreign Institutional Investors sold equities worth Rs 12,943.58 crore on Thursday.
- Previous Sensex close
- Fell 1,045.46 points, or 1.44%, to 71,593.24 on Thursday.
- Previous Nifty close
- Fell 371.25 points, or 1.64%, to 22,231.80 on Thursday.
Sources
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