New Delhi
\nInformation technology stocks lifted Indian benchmark indexes on Friday as an improvement in economic growth in the U.S., a key market for the sector, boosted sentiment.
\nThe NSE Nifty 50 (.NSEI), rose 0.7% to 24,578.13 as of 10:20 a.m. IST, while the S&P BSE Sensex (.BSESN), opens new tab added 0.6% to 80,526.42.
\nTen of the 13 major sectors advanced.
\nInformation technology stocks (.NIFTYIT), rose 2%, after data on Thursday showed that the U.S. economy grew faster than expected in the second quarter.
\nIT companies earn a major share of their revenue from the US and data showing improvement in the US economic growth augurs well for the sector.
\nThe benchmarks had logged losses for the last five sessions, weighed by weaker-than-expected results from Reliance Industries (RELI.NS), Wipro (WIPR.NS), Bajaj Finance (BJFN.NS), Axis Bank (AXBK.NS), and Nestle (NEST.NS).
\nThe union budget on Tuesday, in which tax hikes on capital gains in equity investments and derivatives trading were announced, continued to be a dampener, analysts said.
\nThe initial adverse response of the equity markets to the budget was \u201calways going to be temporary\u201d as investors would consider the broad policy continuity as a positive, said Ajit Banerjee, chief investment officer at Shriram Life Insurance.
\n\u201cThere wasn\u2019t any surprise in revised borrowing numbers or fiscal deficit target, which is favourable for markets,\u201d Banerjee added.
\nMetal index (.NIFTYMET), gained 2.1% and was the top sectoral gainer by percentage. Thirteen of the 15 constituents rose.
\nFrom above, it\u2019s clear to see that Tyndall Air Base, set in remote shrubland of northern Australia, was designed as a small airfield, with fast jets in mind.
\nIt had shed 1.3% in the previous session, amid drop in global metal prices on demand concerns in top consumer China.
\nVedanta (VDAN.NS), which received an upgrade from S&P on improving capital structure and liquidity, rose 3%.
\nYient (CYIE.NS), shed 8% after posting a drop in June-quarter profit on delays in project execution.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Delhi Information technology stocks lifted Indian benchmark indexes on Friday as an improvement in economic growth in the U.S., a key market for the sector, boosted sentiment. The NSE Nifty 50 (.NSEI), rose 0.7% to 24,578.13 as of 10:20 a.m. IST, while the S&P BSE Sensex (.BSESN), opens new tab added 0.6% to 80,526.42. […]<\/p>\n","protected":false},"author":2,"featured_media":421004,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-420998","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"yoast_head":"\n