Equity gauges jump over 1 percent led by gains in IT stocks

Mumbai: Equity benchmark indices clocked smart gains during early hours on Thursday following a rally in IT stocks amid positive global cues.

At 10:15 am, the BSE S&P Sensex was up by 453 points or 1.13 per cent at 40,331 while the Nifty 50 gained by 126 points or 1.08 per cent at 11,865. All sectoral indices at the National Stock Exchange were in the green with Nifty IT up by 4 per cent, PSU bank by 1.7 per cent, private bank by 1.4 per cent and realty by 1.2 per cent.

Among stocks, Tata Consultancy Services rose by 4.46 per cent to Rs 2,858.10 per share after reporting 6.6 per cent sequential growth to Rs 7,475 crore in the July to September quarter. It also decided to buy back up to 2.2 billion dollars in shares.

Wipro added 4.44 per cent to Rs 350.20 per share as the board of directors said it will be considering a proposal to buy back equity shares next week. HCL Technologies was up by 4.6 per cent, Infosys by 3.6 per cent and Tech Mahindra by 2.8 per cent. However, those which lost were GAIL, ONGC, Coal India, IndianOil Corporation, ITC and Titan.

Meanwhile, Asian shares climbed to a one-month high as renewed hopes for more US stimulus helped restore investor confidence. MSCI's broadest index of Asia Pacific shares outside Japan rose by 0.3 per cent for its fourth straight session of gains. Japan's Nikkei added 0.5 per cent.

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Free Press Journal