Nifty IT Surges 5.2% to Log Biggest Single-Day Gain in 17 Months
- Benchmark Indian indices Nifty 50 and BSE Sensex extended their rally on Thursday, ending 2% higher as markets defied a broader sell-off across Asian markets supported by a resurgence in IT stocks following strong Q2 earnings.
- Markets witnessed a sharp rebound supported by a resurgence in IT stocks following strong Q2 earnings from leading IT companies, with gains in banking and automobile stocks and a decline in global crude oil prices boosting sentiment, said Ankur Punj, Managing Director of Equirus Wealth.
- Nifty IT was the biggest gainer, rising 1.82 per cent, while Nifty Auto gained 1.67 per cent; TCS led the Sensex pack, gaining 2.26 per cent despite market breadth remaining negative with 1,188 stocks declining against 1,106 advancing on the NSE.
- While Indian equities climbed, other Asian markets plunged as investors reacted to global sell-offs; Foreign Institutional Investors offloaded equities worth Rs 1,857.44 crore on Wednesday, though Domestic Institutional Investors remained buyers, purchasing Rs 2,670.44 crore.
- Market bias remains cautious with lingering global uncertainties and recent profit booking potentially limiting upside, though rising volatility and continued FII selling warrant attention, said Hitesh Tailor, Technical Research Analyst at Choice Broking Private Limited.
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30 Articles
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