Markets rebound sharply amid heavy buying in IT stocks firm global trends

PTI, Oct 14, 2022, 10:52 AM IST

Representative Image (Source: Shutterstock)

Mumbai: Equity benchmark Sensex jumped 1,087 points in early trade on Friday helped by heavy buying in IT counters and rally in global stock markets.

The 30-share BSE index was trading 1,087.14 points higher at 58,322.47 in early trade. Similarly, the broader NSE Nifty climbed 317.3 points to 17,331.65.

All the Sensex components were trading in the green, with Infosys trading nearly 4 per cent higher, followed by HCL Technologies, Tech Mahindra, ICICI Bank, HDFC Bank, Larsen & Toubro, State Bank of India, Kotak Mahindra Bank, and HDFC Ltd.

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 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.

The BSE benchmark declined 390.58 points or 0.68 per cent to settle at 57,235.33 on Thursday. The Nifty fell 109.25 points or 0.64 per cent to end at 17,014.35.

International oil benchmark Brent crude was trading 0.13 per cent lower at USD 94.45 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the Indian capital market on Thursday as they offloaded shares worth Rs 1,636.43 crore, as per exchange data.