SENSEX, NIFTY50 surge for second straight session powered by gains in IT shares

The Indian equity benchmarks surged for a second straight session on Thursday, July 2, powered by a rally in information technology shares as value buying emerged in IT shares after a recent selloff.

The SENSEX surged as much as 656 points and NIFTY50 index touched an intraday high of 24,195 led by gains in Infosys, Tata Consultancy Services, ICICI Bank, HCL Technologies, Tech Mahindra and Mahindra & Mahindra.

The SENSEX ended 579 points higher at 77,502 and NIFTY50 index advanced 170 points to close at 24,176.

Investor confidence also got a boost after crude prices declined for a second straight session as talks between United States and Iran progressed easing concerns about potential disruptions to crude supplies in the Middle East.

Brent crude futures dropped as much as 2% to $70.

NIFTY Auto, Financial Services, FMCG, Metal, Pharma, Realty, Healthcare and Consumer Durables indices also rose between 0.2% and 1.45%.

On the other and, PSU banking shares faced selling pressure.

Broader markets also witnessed buying interest as NIFTY Midcap 100 index rose 0.5% and NIFTY Smallcap 100 index climbed 1.25%.

Among the individual shares, Tata Technologies shares jumped 5.5% to touch an intraday high of ₹707.65 after the company said it has expanded partnership with global automotive component manufacturer Tenneco.

With the partnership, Tenneco is expected to invest $100 million in this engagement over the next five years.

The agreement was signed on June 30 at the Tata Group's headquarters in the financial capital, and the two partners reaffirmed their commitment to advancing technical excellence, digital innovation, and long-term growth, Tata Technologies said in a regulatory filing.

Infosys was top gainer in the NIFTY50 index, the stock surged 5.82% to close at ₹1,042.60. Tech Mahindra, HCL Technologies, TCS, Bajaj Finserv, Wipro, Adani Ports, Titan and Mahindra & Mahindra also rose between 1.82% and 4.57%.

On the other hand, Max Healthcare, Larsen & Toubro, Nestle India, Reliance Industries, Kotak Mahindra Bank, Maruti Suzuki, Tata Motors PV, SBI Life and Bharat Electronics were top losers in the NIFTY50 index.