Global cues lift equities, IT stocks surge

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Stock Market. (IANS Infographics)

India’s key benchmark equity indices rose for the second straight day on Thursday, following healthy global cues.

Both the indices opened higher with volumes being in line with recent averages.

Globally, Asian shares rose on Thursday and commodity prices held near multi-year highs as investors switched to cyclicals amid expectations of a strong economic recovery.

However, European shares gave up early gains ahead of the Bank of England’s monetary policy decision even as corporates continued reporting encouraging numbers.

On the domestic front, investors cheered on the news that monsoon rains that mark the start of the four-month rainy season are likely to enter India through the southern coast around June 1, in line with typical patterns.

India’s weather office will issue its official forecast for this year’s monsoon onset on May 15.

Among sectors, IT, auto, metals and oil and gas indices rose the most while there were no sectoral losers.

The S&P BSE Sensex closed at 48,949.76, higher by 272.21 points, or 0.56 per cent, from its previous close.

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