America IT stocks rose sharply on Friday due to easing of concerns about recession in the economy and fall in the value of US dollar. Nifty IT index rose by 2.85 percent today and reached 40,861. Among the IT stocks, Mphasis saw the highest rise of about 7 percent. Shares of L&T Technology Services, Wipro, Tech Mahindra and Coforge also saw a significant rise. The chances of Fed cutting rates in September have now increased significantly. This has also supported IT stocks.
Sensex rose 1330 points
Bombay Stock Exchange’s index Sensex today closed at 80,436 with a gain of 1.68 percent or 1330 points. At the time of market closing, out of 30 Sensex stocks, 28 stocks were in the green and 2 stocks were in the red. At the same time, National Stock Exchange’s index Nifty today closed at 24,541 with a gain of 1.65 percent or 397 points.
These stocks rose
The top gainers in the Nifty pack were Wipro, up 4.23 per cent, Tech Mahindra, up 3.98 per cent, Grasim, up 3.65 per cent, Mahindra & Mahindra, up 3.45 per cent and Tata Motors, up 3.36 per cent. Other than this, Divis Lab, up 0.62 per cent, SBI Life, up 0.07 per cent and Dr Reddy’s, up 0.02 per cent, were down.
Nifty IT jumped the most
All sectoral indices closed in the green on Friday. Nifty IT registered the highest gain of 2.85 percent. Apart from this, Nifty Auto gained 2.01 percent, Nifty Bank 1.53 percent, Nifty Financial Services 1.66 percent, Nifty FMCG 1.57 percent, Nifty Media 2.14 percent, Nifty Metal 1.65 percent, Nifty Pharma 0.48 percent, Nifty PSU Bank 1 percent, Nifty Private Bank 1.60 percent, Nifty Realty 2.43 percent, Nifty Healthcare Index 0.75 percent, Nifty Consumer Durables 1.19 percent, Nifty Oil & Gas 1.54 percent and Nifty Midsmall Healthcare 1.27 percent.
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