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Closing Bell: Sensex, Nifty end higher for sixth session; IT stocks surge, Wipro up 7%

Closing Bell: Sensex, Nifty end higher for sixth session; IT stocks surge, Wipro up 7%

Closing Bell: Sensex, Nifty end higher for sixth session; IT stocks surge, Wipro up 7%
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By CNBCTV18.com Oct 8, 2020 3:37:49 PM IST (Updated)

The Sensex ended 304 points higher at 40,183 while the Nifty rose 96 points to 11,834.

Indian shares pared some gains but ended higher for the sixth straight session on Thursday as IT stocks gained on buyback plans of Tata Consultancy Services (TCS) and Wipro. TCS decided to buy back up to $2.2 billion in shares while smaller-rival Wipro said it would also consider stock repurchase on October 13 board meeting. The sentiment was also lifted after TCS reported better than expected earnings for the September quarter.

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The Sensex ended 304 points higher at 40,183 while the Nifty rose 96 points to 11,834. The Sensex reclaimed 40,000 for the first time since August 31.
The rise in Asian peers further added to the positive sentiment. Asian shares climbed to a one-month high on renewed hopes for more US stimulus. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6 percent for its fourth straight session of gains to a level not seen since early September.
Back home, broader markets underperformed benchmarks with midcap index flat and smallcap index down 0.23 percent.
On the Nifty50 index, Wipro, Cipla, TCS, UltraTech Cement and HCL Tech were the top gainers while GAIL, ONGC, ITC, Eicher Motors, and Coal India led the losses.
Nifty IT was the top-performing sector, up 3.2 percent followed by the pharma index which rose 2.7 percent. Nifty Bank and Nifty Fin Services also added around 1 percent each for the day. Meanwhile, Nifty Media and Nifty FMCG ended the day in the red.
Wipro shares surged over 7 percent after the IT firm said its board will consider a buyback plan on October 13. The announcement comes on a day when larger rival TCS board has cleared a Rs 16,000 crore buyback plan.
TCS was also up 3 percent. The IT major beat Street estimates, registering a 6.7 percent sequential growth in profit in the September quarter at Rs 7,475 crore.
Jet Airways share price was locked in 5 percent upper circuit following reports that the Kalrock-Jalan consortium has won the bid for the bankrupt Jet Airways. As per the reports, the consortium had got the required percentage of votes from lenders to win the bid.
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