Markets Jump In Early Trade, Fueled By Rebound In IT Sector And Strong Trend In Asian Shares

Benchmark equity indices rose in early trading on Friday, boosted by a rebound in IT firms and a strong trend in Asian markets.

The 30-share BSE Sensex climbed 492.71 points to 72,213.89 in early trading. The Nifty jumped 141.95 points to 21,789.15.

Among the Sensex firms, Infosys rose over 6 percent in early trading despite posting a lower-than-expected 7.3 percent drop in net profit in the December quarter due to poor customer demand and lowering its annual sales projection.

Tata Consultancy Services grew almost 4 percent after the largest software exporter reported an 8.2 percent rise in net income for the December quarter at Rs 11,735 crore, driven by massive growth in the domestic market that offset to a large extent the impact of a decrease of 3 percent in the US market.

Other notable gainers were Wipro, Tech Mahindra, HCL Technologies, and JSW Steel.

Mahindra & Mahindra, Asian Paints, Power Grid, Nestle, Hindustan Unilever, and Titan were among the underperformers.

In Asian markets, Tokyo, Shanghai, and Hong Kong were all higher, while Seoul was lower.

On Thursday, US markets ended mostly in the green.

Brent crude surged 1.82 percent to USD 78.82 per barrel.

According to exchange data, foreign institutional investors (FIIs) sold Rs 865 crore worth of stocks on Thursday.

The BSE benchmark advanced 63.47 points, or 0.09 percent, to 71,721.18 on Thursday. The Nifty went up 28.50 points, or 0.13 percent, to 21,647.20.

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