Sensex jumps over 800 points after US suspends IT firms
Business
The stock market made a strong comeback on Friday, with the Sensex shooting up over 800 points and the Nifty approaching 22,500.
This rebound followed Thursday's drop after the US government suspended TCS, Infosys, Wipro and HCLTech, among other firms, from the Permanent Labour Certification (PERM) program, a key step in the employment-based green-card process.
IT stocks rally amid market caution
IT companies stole the spotlight: TCS, Infosys, and Wipro all posted solid gains after TCS reassured investors it wasn't heavily impacted by the US move.
Bargain buying also boosted other sectors like banking, auto, real estate, and consumer durables.
Still, traders are keeping an eye on high oil prices and concerns about RBI's strict policies going forward.