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Sensex rallies over 329 points on back of IT stocks, HDFC Bank, RIL

IT stocks gained in the trade after Accenture posted a better than expected quarterly result.

SNS | New Delhi |

Rally in information technology (IT) stocks, HDFC Bank and Reliance Industries gave a boost to the benchmark index, leaving S&P BSE Sensex 329 points higher on Friday.

Sensex ended 329.17 points, or 0.94 per cent, higher at 35,171.27, while the NSE Nifty surged 94.10 points, or 0.90 per cent, to 10,383.

IT stocks gained in the trade after Accenture posted a better than expected quarterly result.

Among the individual stocks, Infosys became the top gainer in the BSE charts, rallying around 7 per cent, followed by TCS, IndusInd Bank, ONGC, HDFC Bank and HCL Tech.

On the other hand, ITC, Bajaj Finance, Kotak Bank and Sun Pharma finished in the red.

According to traders, broad-based buying on the first day of the new monthly derivatives series and positive cues from global equity markets lifted the benchmarks.

After an unbroken rise in the last two weeks, the markets turned a bit volatile this week, said Joseph Thomas, Head of Research – Emkay Wealth Management.

“This was mainly influenced by factors like the phenomenal rise in the coronavirus cases in the US and India, the military stand-off between India and China at the border, and also with the ongoing spat between China and the US on many issues including trade and the source of the pandemic,” he said.

The domestic bourses, for the most part of the week, reflected the broad trends in other global markets, he added.

Bourses in Japan and Seoul ended with significant gains, while Hong Kong settled in the red. Markets in Shanghai were closed for a public holiday.

Stock exchanges in Europe were trading over 1 per cent higher in early deals.

Meanwhile, international oil benchmark Brent crude futures rose 1.27 per cent to USD 41.57 per barrel.

On the currency front, the rupee pared initial gains and settled on a flat note at 75.65 against the US dollar.