Fag-end buying drives Sensex 278 pts higher; Nifty nears 21,850
The 30-share BSE benchmark Sensex surged 278 points or 0.39% to settle at 71,833. The broader NSE Nifty rose 97 points or 0.45% to end at 21,840.
Among the Sensex stocks, SBI, Tata Steel, Axis Banj, Maruti, and NTPC closed 2-4% higher. While Tech Mahindra, Sun Pharma, TCS, Infosys, and Infosys closed 1-3% lower.
IT companies, which earn a significant share of their revenue from the US, lost about 3%, after data showed that inflation in the world's largest economy slowed less than expected in January, hurting market expectations of an early Federal Reserve rate cut.
Tech Mahindra, TCS, and Infosys dropped up to 2.8% and were the top Sensex losers.
While the Nifty PSU Bank index closed 3.2% higher. Among PSU bank stocks, Indian Bank and Punjab & Sind Bank rose over 5% each. Bank of Baroda, SBI, and UCO Bank also closed over 4%.
More to come...
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