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Indian shares rise over 1% as IT stocks jump after recent sell-off

01/28/2022 | 12:23am EDT

BENGALURU, Jan 28 (Reuters) - Indian shares rose on Friday as investors snapped up beaten-down information technology stocks and higher crude prices lifted Oil and Natural Gas Corp, with a slight rebound in global markets also aiding sentiment.

Asian stocks recovered some of their steep losses from the previous session after U.S. markets limited further declines from hawkish Fed comments, supported by a firm economy and strong earnings at Apple Inc.

The blue-chip NSE Nifty 50 index climbed 1.3% to 17,325 by 0500 GMT, while the S&P BSE Sensex gained 1.2% to 57,929.

"We are seeing some buying in the markets after a good amount of correction, especially in beaten-down mid-cap IT stocks. This looks more like a relief rally," said Saurabh Jain, assistant vice president at SMC Securities.

The Nifty IT index rose 2.1% after losing more than 14% in the previous eight straight sessions of falls.

"Sectoral churning is happening with money moving from growth to value stocks and we are seeing gains in the banking and energy sectors. The numbers coming out from banks are largely good," Jain said.

The Nifty 50 index has fallen nearly 7% since hitting a record high in mid-October amid a surge in Omicron COVID-19 variant cases and fears over a rise in global interest rates.

A surge in crude oil prices lifted explorer Oil and Natural Gas Corp by 5% to its highest in more than two-and-a-half years. ONGC was the top gainer in the blue-chip Nifty 50 index.

Shares of Bharti Airtel climbed as much as 6.6% to scale a two-month high after saying Alphabet Inc's Google would invest up to $1 billion in the telecom operator.

Shares of Coforge Ltd, LIC HFL and Route Mobile surged 7.3%, 11% and 9% respectively, after reporting strong December-quarter earnings on Thursday.

Mahindra Logistics and CE Info Systems fell 9% and 8% respectively, after posting lower quarterly profits. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Sherry Jacob-Phillips and Subhranshu Sahu)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 4.20% 2246.33 Delayed Quote.-22.46%
APPLE INC. 4.08% 149.64 Delayed Quote.-15.73%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.87% 0.716 Delayed Quote.-2.23%
BHARTI AIRTEL LIMITED -1.24% 684.75 End-of-day quote.0.13%
BRITISH POUND / US DOLLAR (GBP/USD) 0.09% 1.26275 Delayed Quote.-6.75%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.33% 0.7853 Delayed Quote.-1.03%
CE INFO SYSTEMS LTD. 4.39% 1310.4 Delayed Quote.-21.83%
COFORGE LIMITED 5.57% 3671.45 End-of-day quote.-37.67%
EURO / US DOLLAR (EUR/USD) -0.01% 1.07317 Delayed Quote.-5.61%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.05% 0.012892 Delayed Quote.-4.10%
LIC HOUSING FINANCE LIMITED 0.55% 377.65 Delayed Quote.2.16%
LONDON BRENT OIL 1.52% 119.2 Delayed Quote.50.58%
MAHINDRA LOGISTICS LIMITED -1.11% 460.1 End-of-day quote.-32.25%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.83% 0.6534 Delayed Quote.-5.22%
NIFTY 50 1.13% 16352.45 Delayed Quote.-5.77%
NIFTY IT 2.54% 28641.6 Delayed Quote.-25.99%
OIL AND NATURAL GAS CORPORATION LIMITED -5.33% 143.8 Delayed Quote.0.98%
ROUTE MOBILE LIMITED 6.77% 1192.6 End-of-day quote.-32.99%
S&P GSCI CRUDE OIL INDEX 0.86% 630.6586 Real-time Quote.53.00%
S&P GSCI NATURAL GAS INDEX -1.89% 408.6057 Real-time Quote.133.97%
SENSEX 30 1.17% 54884.66 Real-time Quote.-5.78%
WTI 0.94% 115.083 Delayed Quote.51.34%
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