IT stocks, overseas cues rescue Street

Domestic equity benchmark indices bounced back sharply on Thursday, buoyed by strong gains in information technology (IT) stocks and mixed overseas market cues.

The 30-share Sensex soared 318.20 points or 0.93% ending at 34663.11. This is biggest single-session gain for the index since April 5, when it had surged 577.73 points. The broader Nifty too touched 10500 mark and settled at 10513.85, rising 83.50 point or 0.80%.

IT shares notched up strong gains with the BSE IT index rising sharply to end 2.45% higher.

Frontline software stocks like Infosys and TCS gained over 3% each while Wipro ended 0.4% higher. Bharti Airtel, Axis Bank and Sun Pharma also put up a impressive show and contributed to the rise in Sensex.

However, the cheer did not spread to the broad market as both BSE Midcap (-0.24%) and Smallcap (-0.14%) ended in the red.

In the sectoral pack, Teck index rose 2.37%, Bankex 1.41% and Metal gained 1%.