Mkts rise on easing oil prices, buying in IT cos

PTI

mumbai

Stock market benchmark indices Sensex and Nifty ended nearly 1% higher on Thursday amid softening crude oil prices, following positive developments on the geopolitical front and buying in blue-chip IT stocks.

The 30-share BSE Sensex jumped 579.48 points, or 0.75%, to end at 77,502.12. During the day, it surged 656.29 points, or 0.85%, to 77,578.93. The 50-share NSE Nifty rallied 169.85 points, or 0.71%, to settle at 24,175.70.

Brent crude, the global oil benchmark, dropped 1.45% to $70.53 per barrel.

"Indian equities extended their winning streak despite pressure in global markets, where technology stocks dragged overseas indices lower. Easing energy prices and fresh India-Japan agreements in strategic areas such as AI, defence technology and energy security helped sustain domestic market optimism," Ponmudi R, CEO of Enrich Money, said.

Ajit Mishra, SVP-Research at Religare Broking Ltd, said the rebound in IT shares supported the rally, though profit-booking in banking and select heavyweight stocks capped the gains. "The rebound in the IT pack further strengthened sentiment after the sector witnessed sharp selling in recent sessions," Mishra added.