HCL, Infy, TechM among top gainers as markets open sharply higher

• Sensex opened 950 points higher at 58,188 while Nifty50 was up 270 points at 17,285.
• Crude oil prices slipped to $94 per barrel as US crude and gasoline inventories rose.
• Index Nifty IT was the top gainer among sectoral indices as HCL Technologies, Infosys and Tech Mahindra rallied in the early trade.

Indian markets surged in early trade mirroring cues from global markets; and a fall in crude oil prices.

Sensex opened 950 points higher at 58,188 while Nifty50 was up 270 points at 17,285.

The US market closed over 2% higher as it recovered after a sharp fall due to higher-than-expected September inflation data. All the three major US indices closed over 2% higher. Asian markets also picked up the rally after witnessing gains in the US market.

Crude oil prices slipped as US crude and gasoline inventories rose even as Saudi Arabia and Washington continued to clash over plans by OPEC+ to slash production. Brent crude is trading at $94 per barrel.

Index Nifty IT was the top gainer among sectoral indices as HCL Technologies, Infosys and Tech Mahindra rallied in the early trade. They were also the top gainers on the 50-stock index.

India’s second largest IT services company Infosys reported a 4% growth sequentially in its revenue in constant currency terms, in line with analyst expectations.

Infosys also announced a ₹9,3000 crore share buyback programme and declared an interim dividend of ₹16.5 per share.

Shares of HCL Technologies rose over 7% in the last five days - both ahead and after reporting a strong earnings. HCL Tech beat analyst estimates with $3.1 billion in revenue, growing 3.8% sequentially in constant currency terms. Its margins and profit were also ahead of analyst estimates.

On the domestic front, stocks of Bajaj Auto and Shree Cement will be in focus as the companies are to report their September quarter earnings today.


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