Sensex rises 469 points; IT, banking stocks rebound

The 30 stock S&P Sensex of the Bombay Stock Exchange was trading at 60,036.79 points at around 10.49 am, which is 434.95 points or 0.73 per cent higher from its previous day's close at 59,601.84 points.

Reversing Thursday's loss the Sensex opened on a positive note at 59,776.10 points and surged to a high of 60,130.18 points in the morning trade. The Sensex had lost 621.31 points or 1.03 per cent on Thursday.

The broader Nifty 50 of the National Stock Exchange was trading 0.65 per cent or 115.80 points higher at 17,861.70 points.

Earlier the Nifty opened on a positive note at 17,797.60 points and touched a high of 17,905.00 points in the morning trade. The Nifty had lost 1 per cent or 179.35 points on Thursday.

There was renewed buying support in IT and banking stocks. Wipro and Tech Mahindra surged nearly two per cent. TCS was up 1.38 per cent. HCL Technologies was trading with a gain of nearly one per cent.

Reliance Industries surged more than one per cent a day after it announced raising $4 billion in US dollar bonds. This is the largest such issue by an Indian corporate. The bond was nearly three times oversubscribed. Another major development also took place related to Reliance. Reliance Retail announced buying stake in quick commerce player Dunzo.

There was a strong buying support in banking stocks. ICICI Bank was up 1.65 per cent at Rs 798. Kotak Bank 1.59 per cent higher at Rs 1921.95; State Bank of India 1.34 per cent higher at Rs 498.35; HDFC Bank 1.15 per cent higher at Rs 1557.60 and IndusInd Bank 0.57 per cent higher at Rs 927.05 were among the major gainers.

Bajaj Finance slumped 1.48 per cent to Rs 7625. HDFC 1.30 per cent down at Rs 2588.35; Bajaj Finserv 1.33 per cent down at Rs 17748; Larsen & Toubro 1 per cent down at Rs 1906 and Mahindra & Mahindra 0.67 per cent down at Rs 834.35 were among the major Sensex losers. (ANI)