Sensex hits 85k, IT stocks drive 6-day rally
Indian stock indexes extended gains for a sixth straight trading day on Thursday as technology shares attracted heavy buying interest. The Sensex reached a 52-week peak of 85,290 before settling 130 points higher at 84,556, while the Nifty added 23 points to close at 25,891. Infosys jumped 4 percent after the company founders said they would skip an 18,000 crore rupee share repurchase program.
Other software makers gained on expectations that America and India might finalize a commerce agreement soon. HCL Technologies and Tata Consultancy Services each climbed more than 2 percent, while banking stocks from Axis Bank and Kotak Mahindra Bank advanced over 1 percent. Eternity fell 3 percent to lead decliners as Bharti Airtel and Reliance dropped up to 2 percent.
Mid-sized companies lost 0.2 percent and smaller firms declined 0.5 percent as broader market sentiment weakened. The rupee strengthened 0.19 paise to 87.82 against the dollar on trade deal optimism. Analysts said the benchmark may pull back toward 25,700 but remains positioned to test 26,200 within two weeks.
