Sensex Jumps Over 100 Points; IT Stocks Lead

The Sensex which opened on a flat note jumped over 100 points led by buying in IT stocks. 

 

The broader Nifty also advanced in the morning trades owing to buying in IT heavyweights like TCS, Infosys, Wipro and HCL Technologies.

 

The broader markets were in line with the benchmark indices the BSE mid-cap and small-cap indices were quoting higher by 0.4 per cent each. 

 

Meanwhile, the IT stocks were in high demand in trades on Thursday after Cognizant Technologies Solutions Corp robust revenue growth forecast for 2015 boosted sentiments in domestic outsourcers. The IT sub-index on the Bombay Stock Exchange jumped 1 per cent in a flat market.

 

Cognizant forecast 2015 revenue growth of at least 19 per cent after growing at just 16 per cent in 2014. Like its Indian rivals - TCS and Infosys - Cognizant also gets the largest chunk of its revenue from financial services clients. It gets nearly 80 per cent of revenue from North America.

 

Bharat Petroleum was the top gainer from the Nifty pack. Shares of BPCL jumped 3 per cent to Rs 742. Axis Bank, HCL Technologies, HDFC, Asian Paints, Wipro, TCS, Tata Motors and Infosys were also trading higher by 1-3 per cent each. While, Tata Power, Cairn India, ONGC, Mahindra & Mahindra, DLF and Bank of Baroda were among the losers down 1.5-3 per cent each.

 

At 10:45 AM, the Sensex was up 114 points at 28,997 and the Nifty advanced 25 points to 8,749 levels.