Infosys Leads IT Rally as Sensex Jumps 570

Markets opened firmly higher today after the Dussehra holiday on Tuesday. The Sensex opened at 74,337.93 against Monday’s close of 73,852.90 and was up about 571 points (0.77%) at 74,423.79 in early trade. The Nifty opened at 23,016.00 against 22,888.95 and was up about 167 points (0.73%) at 23,055.70, back above 23,000. Optimism about a possible India-US trade deal and gains in global equities drove the rise, and GIFT Nifty had pointed to a strong start. -

is the stock leading the gains. It was up about 2% in early trade and led the Sensex gainers, with UltraTech Cement, TCS, Reliance, HCL Tech and Tech Mahindra also up around 2%. Infosys reports its Q2 results on October 22-23, so the move may partly reflect pre-results buying. -IT is the strongest sector. Nifty IT rose about 2%, extending the sector’s big run from last week. -PSU banks and metals also rose. Nifty PSU Bank gained 0.74% and Nifty Metal 0.70%. -Bajaj Finance, Bajaj Finserv, BEL and NTPC were early laggards. Bajaj Finance fell about 2.3%. -Broader markets were flat. Midcaps were barely changed and smallcaps slightly lower, so the gains are concentrated in large caps. TThe Jio Platforms IPO opens for subscription today, which will keep primary-market activity in focus.