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Sensex, Nifty Rebound As IT Stocks Find Favor

Indian shares rebounded from two days of losses on Thursday, with IT stocks leading the surge after TCS, India's largest software company, said its board of directors would consider a proposal for buyback of equity shares at its meeting to be held on February 20, 2017.

While shares of TCS advanced 1.5 percent, rivals Infosys, Wipro, Tech Mahindra and HCL Technologies climbed 1-3 percent.

SBI Group shares also remained in focus after the Union Cabinet approved a proposal to merge five associate banks of SBI with the parent.

SBI rose half a percent, State Bank of Mysore jumped almost 4 percent, State Bank of Bikaner and Jaipur rallied 3 percent and State Bank of Travancore added 3.5 percent.

Tata Motors rose 1.8 percent after falling over 10 percent on Wednesday.

The benchmark BSE Sensex climbed 145.71 points or 0.52 percent to 28,301.27 while the broader Nifty index finished up 53.30 points or 0.61 percent at 8,778.

Globally, other Asian markets ended mixed as upbeat U.S. data coupled with Fed Chair Janet Yellen's hawkish tone in her latest remarks on Capitol Hill helped spur expectations of a faster pace of Fed rate-hike in 2017.

European stocks were subdued in early trading, ending seven consecutive sessions of gains, as earnings results proved a mixed bag and the dollar broke an 11-day winning streak against rivals despite the favorable backdrop.

by RTT Staff Writer

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