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

Mumbai, Aug.13 (PTI): 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 per cent higher at 38,493.24; while NSE Nifty was up 46 points or 0.41 per cent at 11,354.40.

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

IT stocks rallied after the US 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 per cent lower at 38,369.63, and the NSE Nifty slipped 14.10 points or 0.12 per cent to close at 11,308.40.

Exchange data showed that foreign institutional investors bought equities worth Rs 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 per cent lower at USD 45.36 per barrel.