After a sluggish start on Thursday, information technology (IT) stocks helped boost Indian blue-chip indices; but, gains were limited by a decline in metals following a four-day surge and a decline in non-banking lender Bajaj Finance.
As of 10:20 a.m. IST, the S&P BSE Sensex was up 0.24% at 65,837.58, while the NSE Nifty 50 index was up 0.23% at 19,721.20.
With the support of a better rate outlook in the United States, information technology (IT), which had surged 2.59% in the previous session, continued to add 0.75% to its gains. A sizable portion of IT businesses’ income comes from the United States.
Tata Consultancy Services was one among the top Nifty 50 gainers, with an increase of up to 1.25%. Following market hours on Wednesday, the leading software business in the nation set a record date of Nov. 25 for its 170 billion rupees share repurchase plan.
“With positive domestic data, US bond yields and the dollar index cooling off, we expect the market to maintain its momentum.
However, metals dropped 0.5%, on track to end a winning run of four sessions. The index increased by 2.92% throughout that time.
Bajaj Finance’s individual shares fell as much as 4.06%, the most intraday percentage loss in over eight months, following the company’s prohibition by India’s central bank from extending loans under two products.
Following a drop in Brent crude prices to around $80 per barrel due to worries about excess supply and low demand, oil and gas stockpiles saw a 0.8% increase.
A decrease in oil prices benefits the commodity’s importers, such as India and its oil marketing businesses. Bharat Petroleum Corp was one of the top gainers in Nifty 50.
The blue-chips underperformed the more domestically oriented small- and mid-caps, which increased by 0.5% and 0.35%, respectively.