Indian markets rally as IT, auto and private banks lift Sensex and Nifty

On Thursday the Indian equity market rebounded sharply, as the Sensex climbed about 1,125 points to an intraday peak of 73,907 and the Nifty 50 advanced roughly 328 points to 22,950. The rally was anchored by the IT index, which rose more than 2.4% for the third consecutive session, and was supported by gains in auto and private-banking sectors. Leading contributors were HCL Technologies, Tech Mahindra, Tata Consultancy Services, Bharti Airtel, Reliance Industries and Maruti Suzuki, each posting gains between 2.5% and 3.5%.

Only a handful of stocks, including Trent, Bharat Electronics, Power Grid Corporation of India and Titan, traded lower. Analysts linked the IT strength to recent earnings and broader foreign-institutional buying, while a firmer rupee and easing oil prices also helped lift sentiment.