From The Economic Times · Debaroti Adhikary · · 1m 40s
Market Rebound Driven by Oil and IT Stocks
Indian stocks rebound after oil prices ease and IT gains lift market sentiment.
In brief
Indian stocks rebound after oil prices ease and IT gains lift market sentiment. Indian equities rebounded strongly as easing oil prices and IT gains lift market sentiment. Originally reported by The Economic Times.
Indian stock market rebounds
Indian equities rebounded strongly as easing oil prices and IT gains lift market sentiment.
Sensex jumps 879 points
Sensex jumped over 879 points to 72,472 while Nifty 50 gained 289 points to close above the 22,520 level.
Market capitalisation rises
The sharp gains added more than Rs 4 lakh crore to the total market capitalisation of all companies listed on BSE, pulling it up to nearly Rs 465 lakh crore.
IT stocks outperform
IT stocks outperformed on the back of a strong start to the Q2 earnings season and rising confidence in AI-driven revenue opportunities.
Geopolitical concerns ease
Sentiment was aided by easing geopolitical concerns following indications that any potential US military action against Iran is unlikely before the midterm elections.
FII outflows and bond yields temper recovery
Persistent FII outflows and elevated global bond yields continue to temper the recovery outlook.
RBI shift to calibrated tightening
Investors now await domestic CPI data on Monday for further cues on the interest-rate trajectory after the RBI's shift to calibrated tightening.
Q2 performance critical
Going forward, actual performance of Q2, which is estimated to be good on a YoY basis, will be critical in determining the sustainability of the market rebound.
US markets rise
US stocks ended higher on Friday with all three major indexes advancing as technology stocks supported sentiment.
At a glance
Indian equities rebounded strongly as easing oil prices and IT gains lift market sentiment.
