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Sensex Surges By Over 1000 Points On Strong IT Earnings, Global Rally

Mumbai (Maharashtra): The Indian stock market’s benchmark Sensex rallied by over 1000 points in the late morning session on Friday led by strong buying support in IT stocks after better-than-expected earnings and positive cues from the global equities.

The 30 stock S&P BSE Sensex was trading 1055.3 points or 1.84 per cent higher at 58,290.63 points at 11.41 am against its previous day’s close at 57,235.33 points.

The Sensex started the day sharply higher at 58,162.74 points and surged to a high of 58,322.47 points in the intra-day.

On Thursday, the Sensex had slumped by 390.58 points or 0.68 per cent.

The broader Nifty 50 of the National Stock Exchange was trading 285.20 points or 1.68 per cent higher at 17,299.55 points against its previous day’s close at 17,014.35 points.

The Nifty had lost 109.25 points or 0.64 per cent on Thursday.

There was strong buying support in IT stocks.

The share price of Infosys surged by around 5 per cent a day after the company announced buyback plans and posted a better-than-expected 11 per cent jump in its consolidated net profit.

On the BSE, Infosys share was trading 4.86 per cent higher at Rs 1488.70 at 10.16 am.

The trading in Infosys shares started sharply higher at Rs 1487.70 against its previous day’s close at Rs 1419.75. The scrip surged to a high of Rs 1490 in the intra-day.

Infosys shares have rallied after the announcement of the Q2 results. Infosys board of directors at its meeting held here on Thursday approved buyback of equity shares, from the open market route through the Indian stock exchanges, amounting to Rs 9,300 crore (maximum buyback size, excluding buyback tax) at a price not exceeding Rs 1,850 per share (maximum buyback price), subject to shareholders’ approval.

The board also approved an interim dividend of Rs 16.50 per share vs. FY 22 interim dividend of Rs15. The total amount of the interim dividend will be approximately Rs 6,940 crore.

India’s second-largest IT services firm said its consolidated net profit surged by 11.1 per cent year-on-year to Rs 6,021 crore for the quarter second quarter of the current financial year as compared to Rs 5,421 core recorded in the corresponding period of the previous year.

HCL Technologies surged 3.35 per cent to Rs 1014.95. Wipro rose 1.24 per cent to Rs 383.80.

Tata Consultancy Services was trading 1.04 per cent higher at Rs 3133.35.

HDFC duo – HDFC Bank and HDFC – both rallied by more than three per cent. L&T, Kotak Bank, Tech Mahindra, ICICI Bank, Titan, Bajaj Finance, NTPC and State Bank of India were among the major Sensex gainers.

Buying interest was across the board. Only one of the 30 scrips that are part of the benchmark Sensex was trading in the red. Mahindra & Mahindra was trading marginally down.

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