Indian Shares Rally Led By IT Stocks

RTTNews | 8 hari yang lalu

(RTTNews) - Indian shares ended Thursday's session on a buoyant note as information technology stocks extended recent gains amid an ongoing tech sell-off in global markets on concerns about the sustainability of the artificial-intelligence trade.

Broader market sentiment was also supported by a rebounding rupee, declining global bond yields and lower oil prices.

The rupee was up 31 paise at 94.86 against the dollar in early trade today, extending gains for the fifth consecutive session, supported by recent measures announced by RBI to curb speculative bets.

The central bank would consider further measures, if needed, to ensure orderly movement in the foreign exchange market, RBI Governor Sanjay Malhotra said in an interview.

The U.S. dollar retreated from an 18-month high and global bond yields eased after San Francisco Fed president Mary Daly signaled Wednesday that there's no need to raise interest rates at the October 27-28 meeting.

Brent crude futures fell more than 2 percent below $104 a barrel after reports emerged that the Trump administration is contemplating relaxing sanctions on certain oil tankers transporting oil from Russia, Venezuela and Iran in order to alleviate the global tanker capacity crunch exacerbated by ongoing conflicts in the Persian Gulf.

The 30-share BSE Sensex soared 1,533.72 points, or 2.11 percent, to 74,315.61, while the NSE Nifty index jumped 374.65 points, or 1.66 percent, to 22,997.35.

Bucking the uptrend, the BSE mid-cap and small-cap indexes dropped half a percent and 1 percent, respectively.

The market breadth was weak on the BSE, with 2,670 shares falling while 1,716 shares rose and 205 shares closed unchanged.

Among the top gainers, HDFC Bank, HCL Technologies, Eternal, Bharti Airtel, Reliance Industries, ICICI Bank and Tech Mahindra surged 3-5 percent.

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