Sensex rises over 100 points in early trade; IT stocks shine

IT stocks rallied after the U.S. announced certain exemptions in H-1B and L-1 travel ban.

Domestic equity benchmark Sensex jumped over 100 points in early trade on Thursday led by gains in index majors TCS, Infosys and HUL amid firm cues from global peers and sustained foreign fund inflow.

The BSE Sensex was trading 123.61 points or 0.32% higher at 38,493.24; while NSE Nifty was up 46 points or 0.41% at 11,354.40.

TCS was the top gainer in the Sensex pack, rising around 2%, followed by NTPC, Tech Mahindra, ONGC, SBI, Infosys and Tata Steel.

IT stocks rallied after the U.S. announced certain exemptions in H-1B and L-1 travel ban for those continuing employment with the same employer. The move is likely to help Indian IT professionals.

On the other hand, Bharti Airtel, ITC, Maruti, Sun Pharma and HDFC were among the laggards.

In the previous session, the Sensex had settled 37.38 points or 0.10% lower at 38,369.63, and the NSE Nifty slipped 14.10 points or 0.12% to close at 11,308.40.

Exchange data showed that foreign institutional investors bought equities worth ₹351.15 crore on a net basis on Wednesday.

According to traders, early gains were led by buying in IT stocks and positive cues from global markets.

Sustained foreign fund inflow too buoyed market sentiment in morning session, they said.

Bourses in Hong Kong, Tokyo and Seoul were trading with gains in mid-day deals, while Shanghai was in the red.

Stock exchanges on Wall Street ended on a positive note in overnight trade.

Global oil benchmark Brent crude was trading 0.15% lower at USD 45.36 per barrel.

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