Sensex Posts Biggest Daily Gain in 4 Months
India's BSE Sensex accelerated its gains to close 2.1% higher at 74,316 on Thursday, notching its biggest daily gain since June 12 and recovering from the prior downbeat session. Buying was broad-based, led by information technology (IT) and banking stocks, as optimism over corporate earnings lifted investor sentiment. The rally came despite weakness in global technology stocks, as concerns over stretched AI valuations and hotter-than-expected US inflation weighed on overseas markets. Tech Mahindra led gains among stocks, surging 4.6%, ahead of its earnings report, while HCL Tech rose 2.6% and TCS advanced 2.3%. ICICI Bank and HDFC Bank gained 4.2% and 2.5%, respectively, with the lenders set to publish their quarterly earnings over the weekend. Bharti Airtel and Reliance Industries rose 2.9% and 2.8%, respectively, after Reliance unit Jio Platforms unveiled plans for India's largest initial public offering (IPO).
India's BSE Sensex accelerated its gains to close 2.1% higher at 74,316 on Thursday, notching its biggest daily gain since June 12 and recovering from the prior downbeat session. Buying was broad-based, led by information technology (IT) and banking stocks, as optimism over corporate earnings lifted investor sentiment. The rally came despite weakness in global technology stocks, as concerns over stretched AI valuations and hotter-than-expected US inflation weighed on overseas markets. Tech Mahindra led gains among stocks, surging 4.6%, ahead of its earnings report, while HCL Tech rose 2.6% and TCS advanced 2.3%.
ICICI Bank and HDFC Bank gained 4.2% and 2.5%, respectively, with the lenders set to publish their quarterly earnings over the weekend. Bharti Airtel and Reliance Industries rose 2.9% and 2.8%, respectively, after Reliance unit Jio Platforms unveiled plans for India's largest initial public offering (IPO).