Sensex rises 420 points to close at 36,472; Nifty settles above 10,700

(Representative image)

NEW DELHI: Equity indices finished higher on Thursday with the benchmark BSE sensex rising over 400 points led by gains in IT and banking stocks.
The 30-share BSE index surged 420 points or 1.16 per cent to close at 36,472; while, the broader NSE Nifty settled 110 points or 1.04 per cent higher at 10,728.
Infosys was the top gainer in the sensex pack, rising as much as 9.45 per cent after the IT major posted a posted a stronger-than-expected 11.4 per cent rise in the first quarter consolidated net profit to Rs 4,233 crore, helped by large deals, and said its FY21 revenue is likely to grow by up to 2 per cent.
M&M, IndusInd Bank, Nestle India, HCL Tech, Kotak Bank and Bajaj Finance were the other major gainers rising up to 3.43 per cent.
While Tech Mahindra, ITC, NTPC, Power Grid, Titan and ONGC were the top losers falling up to 2.67 per cent.
On the NSE platform, sub-indices Nifty IT, Pharma and Auto gained as much as 2.85 per cent.
According to traders, rally in IT stocks led by Infosys kept investor sentiment positive.
“In such an uncertain environment, IT is one sector where there is some sense of visibility in top lines and bottom lines for investors. However, this tech upside may be over and markets would expect something else going forward,” Deepak Jasani, head of retail research at HDFC Securities told news agency Reuters.
The pandemic has depressed domestic demand, with India reporting a trade surplus for the first time in more than 18 years for June, as imports of crude oil, gold and other industrial products plunged, reflecting a slowing economy.
“Markets need an improvement in macro- or micro-economic conditions to move upward, and that is not likely to happen soon,” Jasani added.
On the currency front, the rupee settled 3 paise lower at 75.18 (provisional) against the US dollar, tracking strengthening American currency amid worries over mounting Covid-19 cases.
(With agency inputs)

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