Sensex rallies 500 points, Nifty50 tops 10,350; TCS down 2%

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NEW DELHI: Domestic equity market benchmarks rebounded from yesterday’s selloff as BSE Sensex jumped 500 points during early deals while the NSE counterpart Nifty breached 10,400 level in the wake of a decent rise in rupee and an ebb in the global crude oil prices.

The US dollar and bond yields also eased providing relief to equity investors.

The US dollar traded near its lowest level in nearly two weeks against its major peers on Friday as declining US treasury yields and further losses on Wall Street soured sentiment, Reuters reported.

Asian stocks also ameliorated after Thursday’s drubbings. On Thursday, Asian stocks had plunged up to 6 per cent.

A fresh spell of buying emerged across sectors, led by finance, metal and oil & gas.

The NSE Nifty index was trading 174 points up at 10,408, while the BSE Sensex was up 456 points at 34,457 around 09:25 am.

Among the 50 stocks in the Nifty index, 46 were trading up, while only four were down.

In the 30-share Sensex basket, only TCS, Infosys and Wipro were in the red.

The rupee on Friday opened 33 paise up at 73.80 against dollar on account of some selling of the American currency by banks and exporters.

BSE Midcap and BSE Smallcap indices climbed over 2 per cent, outperforming benchmark Sensex.

At the sectoral front, all but IT and teck were in the red on BSE. Losses in shares of TCS, HCL Tech and Infosys weighed on the IT and teck indices.

Shares of TCS declined even as the second quarter performance of the company showed that the country’s largest software exporter is on a solid footing.

TCS on Thursday posted 22.57 per cent YoY rise in profit at Rs 7,901 crore for the second quarter, largely in line with Rs 7,929 crore estimated by analysts in an ET NOW poll.

Source: Economic Times