IT stocks drive market rebound
A rally in technology stocks following strong second-quarter performance by sector leader TCS drove benchmark equity indices higher on Friday, helping them recoup nearly two-thirds of the previous session’s losses. A decline in Brent crude prices to $102 per barrel also boosted investor sentiment.
The Sensex jumped 879.09 points, or 1.23%, to close at 72,472.33, rebounded from 33-month low recorded in the previous session, while the Nifty rallied 288.65 points, or 1.30%, to end the session at 22,520.45, recovered from 18-month low level. On Thursday, the Sensex and Nifty had declined 1.44% and 1.64%, respectively.
