New Delhi: Equity benchmarks Sensex and Nifty rebounded in early trade on Friday, led by a rally in Tata Consultancy Services (TCS) and other IT stocks after two days of steep declines.
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The 30-share BSE Sensex rose to 71,876.10, while the 50-share NSE Nifty advanced to 22,310.40
TCS surged over 4 percent after reporting a 15 percent rise in net profit to Rs 13,884 crore and signalling continued growth momentum. Infosys, HCL Tech and Tech Mahindra also gained, alongside ITC, Adani Ports and HDFC Bank.
Eternal, Bharat Electronics, Reliance Industries and ICICI Bank were among the laggards.
Brent crude eased 1.11 percent to USD 103 a barrel, offering some relief to markets. However, foreign selling remained heavy, with Foreign Institutional Investors (FIIs) offloading equities worth Rs 12,943.58 crore on Thursday, according to exchange data.
Asian markets traded mixed. Japan’s Nikkei 225 and Shanghai’s SSE Composite declined, while Hong Kong’s Hang Seng advanced. US markets had ended mostly lower on Thursday.
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The recovery followed a sharp sell-off in the previous session, when the Sensex plunged 1,045.46 points, or 1.44 percent, to close at 71,593.24. The Nifty fell 371.25 points, or 1.64 percent, to 22,231.80.
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