February 4, 2023

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Sensex, Nifty Rally As Tech Stocks Surge

2 min read

Indian shares followed global peers higher on Friday amid growing expectations that the U.S. Federal Reserve will slow the pace of rate hikes to avoid tipping the world’s biggest economy into a recession.

The benchmark S&P BSE Sensex rallied 535 points, or 1 percent, to 56,353 in early trade, while the broader NSE Nifty index was up 139 points, or 0.8 percent, at 16,767.

Tech Mahindra jumped 2.3 percent after it announced a tie-up with Anritsu to form an Internet of Things (IoT) experience lab at Fremont, California.

Rivals Infosys, Wipro and HCL Technologies climbed 2-3 percent after the tech-heavy Nasdaq Composite surged as much as 2.7 percent overnight.

Heavyweight Reliance Industries advanced 2.2 percent, a day after it unveiled plans to invest in edtech startup Lido Learning.

UltraTech Cement declined 1.7 percent. The company’s board approved an investment of ?12,886 crore towards capacity expansion by FY25.

Tata Motors rose half a percent after it beat close rival Hyundai to emerge as the number two passenger vehicles maker in India.

YES Bank was slightly higher after its board approved buyback of overseas bonds up to $200 million.

HDFC added half a percent as it announced a collaboration with Accenture to digitally change its lending business.

Muthoot Finance was little changed. The gold financing company has joined hands with Airtel Payments Bank to offer gold loans through Airtel Thanks app.

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2022-06-03 00:14:07

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