Infosys, TCS lead in Sensex 119 pts rally

Infosys, TCS lead in Sensex 119 pts rally

Key benchmark indices on Friday edged higher with the market sentiment having boosted by data showing that foreign funds remained net buyers of domestic shares in the previous session.

The BSE Sensex gained 118.99 points, or 0.56 per cent to settle at 21,193.58 points, its highest closing level since December 10, 2013. The CNX Nifty rose 34.90 points, or 0.56 per cent to 6,313.80. 

Foreign institutional investors (FIIs) bought shares worth a net Rs 785.10 crore from the secondary equity markets on Thursday, as per the Sebi data.

IT stocks were in demand today with hopes of a sturdier economic recovery in US, after jobless claims data showed a decline last week.  Infosys and TCS were top Sensex gainers on Friday. Infosys and HCL Technologies hit record high, while and Wipro hit 52-week high.

Kotak Securities' Sanjeev Zarbade said, “US markets rose yesterday (Thursday) after data showed fewer Americans than expected filing applications for jobless benefits last week, casting a positive light on the labor market. With positive global cues...... and with the tapering event behind us and diminishing possibility of rate hike, there are no major market disruptive events in the near-term. That leaves earnings, which would be closely watched and depending on the earnings announcement individual stocks would react.”

As far as the market breadth goes as many as 1,431 shares on the BSE advanced, while 1,207 stocks declined and 165 scrips remained static or unchanged during the day.  The day's total turnover (cash) on BSE amounted to Rs 1831.45 crore, which is  lower than Rs 1941.19 crore on Thursday.

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