IT stocks lead markets rebound as Sensex rises 365 points
Indian stock markets made a solid comeback on Thursday, led by strong gains in IT giants like Infosys (up 4.10%), HCL Tech (up 3.77%), and TCS (up 2.77%).
The Sensex jumped 365 points to 77,287.95, and the Nifty traded at 24,106.20 after gaining 100 points, thanks in part to cheaper crude oil prices giving investors something to cheer about.
Falling crude and stronger domestic demand
Analysts say IT stocks bounced back because they were oversold after a global tech slump, and the drop in crude oil (now below $71 a barrel) should help cool inflation worries.
The mood got even better with GST collections rising nearly 14% year over year and car sales jumping over 24%, showing demand is strong.
Even though the rupee slipped further against the dollar, most signs point to investors feeling more upbeat about where markets are headed next.