Indian bourses rebound as rupee gains, crude prices fall
Based on positive Asian cues, a firmer rupee and softening crude oil prices, Indian stock markets made a comeback on Friday
Following a day of selloffs on Thursday, Indian stock markets rebounded on Friday based on positive Asian cues, a firmer rupee and softening crude oil prices.
Bombay Stock Exchange Sensex soared 732 points to an intra-day high of 34,727.03 points during early afternoon trading on Friday, led by gains in banks, auto, realty and metal stocks.
National Stock Exchange index Nifty saw gains of over 2%. The rupee, too, strengthened over 50 paise against the weakening US dollar and a fall in crude oil prices in the previous two trading sessions.
Reliance Industries was the top Sensex contributor, adding 113 points, followed by HDFC Bank (100.62), ITC (80.63), HDFC (79.86), ICICI Bank (65.20) and Kotak Bank (51.01).
The BSE market remained bullish, with 1,924 stocks rising, against only 508 declines.
TCS down after Q2 results
However shares of Tata Consultancy Services were down once again after the company’s second quarter revenue growth fell short of expectations.
The revenue growth of India’s largest software services company in the September quarter was 3.7% in constant currency (CC) terms on a sequential basis. The street was estimating revenue growth of 4% in CC terms for the quarter.
The stock has lost 8.5% in the past three sessions, falling 15% since the beginning of the month.