SENSEX jumps 400 points; NIFTY50 opens at 22,314; TCS, HCL Tech, Infosys, other IT stocks lead pack of gainers

IT stocks like TCS, Infosys, HCL Tech, Mphasis, among others were leading the pack of gainers on Thursday's market, after a healthy earnings momentum from TCS’s Q2 results released after market hours on Thursday.

At 9:15 am (IST), the NSE data showed that the benchmark NIFTY50 index opened 0.37% or 83 points higher at 22,314.95 points on Friday, in comparison to 22,231.80 points at the previous equity market close.

Meanwhile, the BSE SENSEX index opened 0.25% higher at 71,776.67 points on October 9, compared to 71,593.24 points at the previous stock market close, according to exchange data.

Before the opening bell on Friday’s market, the GIFT NIFTY futures were trading 0.17% higher at 22,423 points, indicating a positive opening on October 9 after the massive sell-off during the previous stock market session.

During the morning trade, NIFTY50 was up 0.66%, hovering around 22,380 points as of 9:34 am (IST), while the BSE SENSEX gained nearly 500 points to trade around 72,085 levels bringing relief to investors after the ₹10 lakh crore wealth wipeout.

Although the buying sentiment was positive, investors remained cautious as FIIs maintained their selling pressure, offloading ₹12,943 crore worth of capital market assets across the stock exchanges on Oct. 8.

Data showed that the US 10-year benchmark Treasury yields eased marginally to 5.22%, away from their multi-year high levels, resulting in a positive cue for equity investors amid the global uncertainty.

Global crude oil prices also retracted from their highs of $105 per barrel (bbl) to trade around $103 per bbl during Friday’s morning market hours. This week, the sharp spike in oil prices was due to the latest tanker attack off the northern coast of Qatar and fears of a second supply chain disruption in the region.

Top gainers & losers today

As of the morning market hours, Tata Consultancy Services (TCS), Infosys, HDFC Life Insurance, Apollo Hospitals, and Eicher Motors were among the top gainers on the benchmark NIFTY50 index.

TCS was up 5%, Infosys up 2.8%, HDFC Life Insurance up 2.3%, Apollo Hospitals up 2.3%, and Eicher Motors up 2.2%, making them the top five gainers.

Others like BEL, Reliance Industries, Cipla and BSE were the laggards in Friday’s market.

BEL was down 1%, Reliance Industries down 0.7%, Cipla down 0.4% and BSE down 0.2% were the only losers as of the morning market hours on October 9.

Out of the 50 stocks listed under the NIFTY50 index, 45 were trading in the green zone, while 4 were in the negative territory and one remained unchanged as of 9:50 am (IST).