Sensex, Nifty On Track To Break 6-Day Losing Streak Led By IT Shares

All the 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Information Technology index's over 3% gain.

Sensex, Nifty On Track To Break 6-Day Losing Streak Led By IT Shares

Domestic stock markets rebounded on Friday on the back of a broad-based buying interest, with benchmark indices S&P BSE Sensex and NSE Nifty 50 on track to break a six-day losing streak. The Sensex rose 706.78 points to touch 37,260.38 at the strongest level of the day, and the Nifty briefly climbed above its important psychological level of 11,000 - both rebounding from over two-month closing lows registered in the previous session. Gains in Infosys, Tata Consultancy Services, ICICI Bank, Bharti Airtel, HCL Technologies and HDFC Bank pushed the markets higher. 

At 1:19 pm, the Sensex was up 564 points at 37,117 and Nifty 50 index climbed 169 points or 1.56 per cent to close at 10,974.

All of the 11 sectoral indices compiled by the National Stock Exchange traded higher, led by the Nifty IT index, which was up more than 3 per cent. The Nifty Metal, Realty, PSU Bank, Private Bank, Bank, Fast-Moving Consumer Goods and Auto gauges also rose between 1.75 per cent and 2.5 per cent.

Mid- and small-cap shares also jumped in line with the benchmark indices, with the Nifty Midcap 100 and Smallcap 100 indices up 2 per cent each.

Only six stocks in the 50-scrip Nifty basket traded lower. Bharti Airtel was the top Nifty gainer, up 5 per cent at Rs 440. HCL Technologies, Cipla, Bajaj Finserv, IndusInd Bank, Adani Ports, Tata Motors, TCS, Nestle India and JSW Steel rose between 3 per cent and 4 per cent. On the flipside, BPCL, SBI Life, Kotak Mahindra Bank, HDFC Life, Reliance Industries and ONGC were among the notable losers.

Overall market breadth was extremely positive, as 1,758 shares moved higher on the BSE against 683 that fell.