Indices rebound after 3-day decline on easing inflation; Sensex up 303 pts

Benchmark Sensex and Nifty snapped a three-day losing streak to settle higher by over half a per cent on Friday following buying in IT, financials, and metal shares on easing inflation worries.

The 30-share BSE Sensex rose by 303.15 points or 0.51 per cent to settle at 60,261.18. During the day, it jumped 460.23 points or 0.76 per cent to 60,418.26.

The broader NSE Nifty rose by 98.40 points or 0.55 per cent to end at 17,956.60.

From the Sensex pack, Tata Steel, IndusInd Bank, Infosys, UltraTech Cement, NTPC, Bajaj Finance, Hindustan Unilever, Tata Consultancy Services, ICICI Bank, and Maruti were among the major winners. Titan, Nestle, Larsen & Toubro, Axis Bank, ITC, and Asian Paints were among the major laggards. HCL Technologies and Infosys recovered from early losses to end in green.

Infosys on Thursday reported a better-than-expected 13.4 per cent rise in profit for the December quarter and raised its annual sales forecast on a strong deal pipeline even as it warned of "constraints" in certain verticals amid slowing global economy.
 

 

HCL Tech reported a 19 per cent increase in the consolidated net income to ~4,096 crore for the third quarter ended December 31, 2022, driven by growth in services revenue. “Easing inflation and brighter Q3 numbers projected by the second set of IT majors are outweighing the cautiousness of the market. CPI in India and US cooled off, thereby bolstering expectations of a less aggressive policy,” said Vinod Nair, Head of Research at Geojit Financial Services.