Stock Market: Sensex Surges Over 500 Points, Nifty Trades At 16,754; IT Stocks Lead
Stock update: On the BSE platform, HCL Tech, Wipro, Infosys, TechM, Bajaj Finance, TCS, Reliance, and SBI were the top gainers, rising up to 2 per cent
Sensex and Nifty, the two key equity benchmarks, on Friday rose sharply in early trade amid positive global cues. The domestic indices were pulled up by a good show by the IT companies.
At 10 am, the 30-share BSE Sensex zoomed 523 points to 56,341, while the broader NSE Nifty was trading at 16,754, up 126 points.
On the BSE platform, HCL Tech, Wipro, Infosys, TechM, Bajaj Finance, TCS, Reliance, and SBI were the top gainers, rising up to 2 per cent. Adani Ports, Coal India, Hindalco and Cipla were the additional winners on the Nifty.
Ultratech Cement, Shree Cement, Britannia, Asian Paints and NTPC, meanwhile, were the leading losers on the two benchmarks.
On specific stock, Deepak Nitrite fell 3 per cent after the company's manufacturing facility in Vadodara caught massive fire on Thursday.
In the broader markets, the BSE Midcap and Smallcap indices also opened in green, rising up to 0.8 per cent.
On NSE, all of the 15 sector gauges were trading in the green. Sub-index Nifty IT was outperforming the NSE platform by rising as much as 2.15 per cent.
The overall market breadth was strong as 1,990 shares were leading, while 557 were declining on the BSE.
In the previous session on Thursday, the Sensex jumped 436 points (0.79 per cent) to settle at 55,818.11, while the Nifty climbed 105 points (0.64 per cent) to finish at 16,628.
In Asian markets, Seoul and Tokyo were trading in the green. Trading was closed in China for a holiday. Stock markets in the US had ended sharply higher on Thursday.
Meanwhile, international oil benchmark Brent crude declined 0.09 per cent to $117.42 per barrel.
Foreign institutional investors offloaded shares worth Rs 451.82 crore on Thursday, according to stock exchange data.
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