New Delhi: Equity indices jumped on Monday along with benchmarks BSE Sensex Rising above 1,000 points amid strong cues from global markets.
The BSE 30-share index closed 1,041 points or 1.9 per cent higher at 55,926. Whereas, broad NSE Nifty It closed 309 points or 1.89 per cent higher at 16,661.
Titan was the top gainer in the Sensex pack, rising 4.94 per cent, followed by M&M, Infosys, L&T, Tech Mahindra and HCL Tech.
All major sub-indices advanced with the Nifty IT sub-index up 3.8 per cent. HCL Technologies and Infosys jumped over 3 per cent and were the top losers on the Nifty 50.
Shares of India’s $194 billion IT sector have tumbled in recent months on rising investor concerns about inflation, supply chain issues and the impact of the Ukraine war on client spending.
VK Vijayakumar, chief investment strategist at Geojit Financial Services, told Reuters: “The market is poised for a near-term rally and the IT segment has good return potential, aided by short-covering.”
Global stocks and US futures rose on Monday after a seven-week slump in Wall Street as China eased anti-virus restrictions on business activity in Shanghai and Beijing.
Investors were relieved after Commerce Department data showed US inflation, which prompted the Federal Reserve to raise interest rates, fell 6.3 percent in April from a year earlier, the first drop in 17 months.
(with inputs from agencies)
The BSE 30-share index closed 1,041 points or 1.9 per cent higher at 55,926. Whereas, broad NSE Nifty It closed 309 points or 1.89 per cent higher at 16,661.
Titan was the top gainer in the Sensex pack, rising 4.94 per cent, followed by M&M, Infosys, L&T, Tech Mahindra and HCL Tech.
All major sub-indices advanced with the Nifty IT sub-index up 3.8 per cent. HCL Technologies and Infosys jumped over 3 per cent and were the top losers on the Nifty 50.
Shares of India’s $194 billion IT sector have tumbled in recent months on rising investor concerns about inflation, supply chain issues and the impact of the Ukraine war on client spending.
VK Vijayakumar, chief investment strategist at Geojit Financial Services, told Reuters: “The market is poised for a near-term rally and the IT segment has good return potential, aided by short-covering.”
Global stocks and US futures rose on Monday after a seven-week slump in Wall Street as China eased anti-virus restrictions on business activity in Shanghai and Beijing.
Investors were relieved after Commerce Department data showed US inflation, which prompted the Federal Reserve to raise interest rates, fell 6.3 percent in April from a year earlier, the first drop in 17 months.
(with inputs from agencies)