Sensex rises 600 points to 73,387.97 on HCLTech-led IT buying
The stock market kicked off Thursday on a high note, with the Sensex soaring over 600 points to reach 73,387.97 and Nifty closing in on 22,800.
Buying in IT shares, thanks to upbeat results from HCLTech on Monday, was one of several key reasons behind the market gain.
HCLTech earnings spark IT rally
HCLTech's upbeat earnings set off a wave of optimism in the IT sector, leading to nearly a 7.8% gain over three sessions.
The Nifty IT index is now up almost 7.8% from recent lows, a sign that tech stocks are bouncing back fast.
Investors cautious near 6 month lows
Even with these big jumps, investors are still playing it safe as markets hover near six-month lows.
Analysts say things could turn negative only if Nifty drops below 22,600.
For now, it's a mixed scene (some stocks are rising while others lag behind), showing traders aren't getting carried away just yet.