Indian Shares Rebound After Two-day Slide; IT Stocks Lead Gainers

(RTTNews) - Indian shares rose sharply on Friday, rebounding after two consecutive sessions of losses as oil prices fell and global bond yields steadied, helping ease concerns around inflation and interest rates.

Markets found some relief from a pullback in French government bond yields, which had previously climbed to multi-decade highs due to budget concerns.

The U.S. dollar took a breather as U.S. Treasury yields finally halted their relentless upward trajectory. The 10-year Treasury yield dropped to 5.22 percent after a 30-year debt auction met with solid demand.

Brent crude futures fell more than 1 percent to trade below $103 a barrel as U.S. President Donald Trump ruled out attacking Iran before the U.S. midterm elections on November 3, asserting that discussions with Tehran remain productive and that record volumes of crude were currently passing through the Strait of Hormuz.

The benchmark 30-share BSE Sensex jumped 879.09 points, or 1.23 percent, to 72,472.33, while the NSE Nifty index surged 288.65 points, or 1.30 percent, to 22,520.45.

The BSE mid-cap and small-cap indexes rose 1.1 percent and 0.4 percent, respectively. The market breadth was strong on the BSE, with 2,524 shares rising while 1,864 shares fell and 222 shares closed unchanged.

Information technology stocks topped the gainers list, with TCS surging 4.2 percent after delivering a 15 percent year-on-year increase in Q2 consolidated net profit.

Peers Tech Mahindra, Mphasis, Wipro, HCL Technologies and Infosys climbed 1-3 percent after the Nasdaq posted its biggest single-day loss since mid-August on fresh concerns over the sustainability of the AI spending boom.

Colgate Palmolive soared 4.6 percent, ITC jumped 4.8 percent and United Spirits added 3.5 percent after the GST Council proposed easing input tax credit rules.