Markets rally for 2nd day on buying in IT stocks

Among the Sensex firms, Tata Consultancy Services, HCL Technologies, Tech Mahindra, Infosys, Bajaj Finance, NTPC, Mahindra & Mahindra and Bajaj Finserv were among the major gainers.

Equity benchmark stock indices Sensex and Nifty closed higher for a second straight day on November 16 following gains in IT, tech and consumer durable shares amid a mixed trend in global equities.

Softer-than-expected U.S. inflation data and easing bond yields have also brought optimism in equity markets.

The 30-share BSE Sensex climbed 306.55 points or 0.47% to settle at 65,982.48. During the day, it jumped 682.44 points or 1% to 66,358.37.

The Nifty gained 89.75 points or 0.46% to 19,765.20.

“The Indian market continued its positive resurgence, tracking global gains. Softer-than-expected US inflation data and easing bond yields have bought optimism that spending will emerge like in technology.

“Taking the cues further, IT stocks showed a significant jump in the broader market. The market is sensing that export-based sectors like IT and pharma could be future winners. While cut in inflation will also benefit domestic placed staples and consumer sector,” said Vinod Nair, Head of Research, Geojit Financial Services.

Among the Sensex firms, Tata Consultancy Services, HCL Technologies, Tech Mahindra, Infosys, Bajaj Finance, NTPC, Mahindra & Mahindra and Bajaj Finserv were among the major gainers.