Sensex gained 1,000 points to 60,617 while Nifty50 rose by 290 points to 18,313 in early trade on Friday.- Five tech majors
Infosys , HCL Tech,Wipro , Tech Mahindra andTCS were amongst the top gainers in the first hour of trade. - Earlier on Thursday, US inflation moderated to 7.7%, sending the US stock markets rallying.
As of 9:50 a.m, Nifty50 rose 290 points to 18,313, inching close to its 52-week high of 18,350 points. Sensex too gained 1,000 points to cross 61,600 and inch close to its 52-week high of 61,677 points.
“US stock markets ended on a positive side on Thursday as investors reacted to the inflation data which comes below expectations that indicate the
A$4 in US inflation to 7.7% in October from 8.2% in September led to the biggest rally in US markets in two years. While the S&P 500 closed with gains of 5.5% on Thursday, Dow Jones rallied 1,200 points to close up by 3.7%.
Asian markets reacted positively too, with Japan’s Nikkei 225 gaining 2.8%, Hong Kong’s Hang Seng gaining 5.5%, South Korea’s KOSPI gaining 3.1%, and China’s Shanghai Composite gaining 1.5%.
On the other hand, the crypto crash continued after the near-collapse of FTX, with analysts at JP Morgan$4 that this could cause an industry meltdown.
The top five gainers of the markets were all from the IT sector in the first hour of trade today.
Source: NSE, as at 9:50 a.m., November 11, 2022
Brent crude continued to track gains, inching up 0.34% to $93.99 per barrel after moderation in US inflation.
Amongst the companies announcing their results today are Mahindra & Mahindra, Life Insurance Corporation of India, Adani Power, Delhivery, BHEL, Easy Trip Planners, Zee Entertainment, Sun TV and Glenmark Pharma.
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