Sensex jumps over 500 points, Nifty crosses 22,750 as IT stocks lead rally
What Happened
The BSE Sensex opened 183.91 points, or 0.25%, higher at 72,965.80, while the Nifty 50 gained 48.60 points to open at 22,671.30. TCS, M&M, HCL Tech, Tech Mahindra and Reliance were among the early Sensex gainers. Around 9:50 AM IST, the rally had strengthened: Sensex: around 73,340, up 0.77% Nifty 50: around 22,787, up 164 points or 0.73% Nifty IT: up more than 2%
Key Takeaways
Large-cap Indian equities are showing notable resilience against weak global cues. The Nifty has moved from 22,671 at opening to around 22,787, but weakness in midcaps, smallcaps, metals and PSU banks shows that the rally is not broad-based.