Source : INDIA TODAY NEWS
Benchmark indices opened higher on Tuesday, helped by a sharp rally in IT stocks and gains in heavyweight HDFC Bank. The recovery comes after the Sensex and Nifty suffered five consecutive weekly losses, although elevated crude oil prices and high global bond yields continued to cap gains.
At 9:27 am, the BSE Sensex was up 243.82 points, or 0.33%, at 75,025.58. The index had opened at 75,369.63. The Nifty 50 gained 61.25 points, or 0.26%, to 23,459.35 after opening at 23,576.15.
The IT sector led the early gains, with the Nifty IT index rising 4.79%. HCLTech was the biggest Sensex gainer, rising 6.06%, while Infosys gained 5.30%, Tech Mahindra rose 5.23% and TCS advanced 4.91%.
The gains came as concerns over a slowdown in the pace of AI development eased some of the fears around the disruption that artificial intelligence could cause to traditional Indian IT services companies. IT stocks have been among the market’s major laggards over the past year as investors worried that new AI tools could reduce demand for conventional software development and outsourcing services.
A slower pace of AI development could give traditional IT companies more time to adapt their businesses, integrate AI into their services and protect existing revenue streams. This is particularly relevant for Indian IT companies, whose businesses remain largely linked to traditional technology services rather than being dependent on pure-play AI products.
HDFC Bank was another major support for the benchmarks, gaining 2.32%. The country’s largest private-sector lender is in focus after submitting two candidates to the Reserve Bank of India for the position of CEO, formally starting the succession process for Sashidhar Jagdishan, whose term ends on October 26.
However, the gains remained selective. The Nifty 100 rose 0.17%, while Nifty 200 gained 0.09% and Nifty 500 rose 0.03%. Mid- and small-cap stocks were weaker, with the Nifty Midcap 50 down 0.14%, Midcap 100 down 0.21% and Smallcap 100 down 0.28%.
Brent crude remained elevated at around $107 a barrel, keeping pressure on the broader market. Global bond yields also remain a concern ahead of the Federal Reserve’s policy decision this week.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
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SOURCE :- TIMES OF INDIA
