Indian shares rebound led by IT sector after five-session decline

Information technology stocks pushed Indian benchmark indices higher on Friday as economic growth in the United States, a crucial market for the sector, improved.


The NSE Nifty 50 (.NSEI) increased by 0.7% to 24,578.13 at 10:20 a.m. IST, while the S&P BSE Sensex (.BSESN) increased by 0.6% to 80,526.42. Ten out of 13 key sectors improved.

Information technology stocks (.NIFTYIT) surged 2% after statistics released on Thursday revealed that the US economy expanded faster than predicted in the second quarter.

IT companies generate a significant portion of their revenue in the United States, and data indicating improved US economic development bodes well for the sector.

The benchmarks had fallen for the previous five sessions, driven down by lower-than-expected results from Reliance Industries (RELI.NS), Wipro (WIPR.NS), Bajaj Finance (BJFN.NS), Axis Bank (AXBK.NS), and Nestle (NEST.NS).


Analysts said Tuesday’s union budget, which promised tax increases on capital gains in equities investments and derivatives trading, remained a dampener.

The first negative reaction of the equity markets to the budget was “always going to be temporary” since investors would see the broad policy consistency as a positive, according to Ajit Banerjee, chief investment officer of Shriram Life Insurance.

“There wasn’t any surprise in revised borrowing numbers or fiscal deficit target, which is favourable for markets,” Banerjee further stated.


The metal index (.NIFTYMET) gained 2.1%, making it the top sectoral gainer by percentage. Thirteen of the fifteen constituents rose.

From above, it is evident that Tyndall Air Base, located in desolate shrubland in northern Australia, was planned as a small airport for fast jets.


It had dropped 1.3% the previous session, as global metal prices fell due to fears about demand in key user China.

Vedanta (VDAN.NS), which obtained an upgrade from S&P for improved capital structure and liquidity, increased 3%.
Yient (CYIE.NS) fell 8% after reporting a decline in profit for the June quarter due to project execution delays.























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