Sensex rallies 393 pts amid firm global cues, IT stocks shine

Mumbai, Jun 24 (PTI): Equity benchmark Sensex rallied 393 points on Thursday, tracking gains in Infosys, TCS and HDFC Bank amid a positive trend in global markets. The 30-share BSE index ended 392.92 points or 0.75 per cent higher at 52,699. Similarly, the broader NSE Nifty surged 103.50 points or 0.66 per cent to 15,790.45. Infosys was the top gainer in the Sensex pack, rising over 3 per cent, followed by TCS, Tech Mahindra, HCL Tech and Asian Paints. On the other hand, Reliance Industries, Bharti Airtel, PowerGrid and SBI were among the laggards. According to Binod Modi, Head-Strategy at Reliance Securities, benchmarks recovered sharply mainly led by sharp rebound in financials and IT. Improved prospects of sustained earnings recovery and recent weakness in rupee also augur well for IT stocks, he said, adding that favourable cues from global markets also aided sentiments.
Further, RIL AGM was in focus in second half of the session, and investors seemed to be in a profit booking mode, he noted.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with gains. Equities in Europe were trading on a positive note in mid-session deals.
Tokyo’s Nikkei 225 index was flat at 28,875.23 and Hong Kong’s Hang Seng edged 0.2% higher to 28,882.46. In Seoul, the Kospi added 0.3% to 3,286.10.
The Shanghai Composite index was virtually unchanged at 3,566.65, while Sydney’s S&P/ASX 200 declined 0.2% to 7,275.30. Germany’s DAX gained 0.6% to 15,547.75 and the CAC 40 in Paris picked up 0.7% to 6,599.78. In Britain, the FTSE 100 added 0.2% to 7,084.64.