Markets extend gains; IT, ICICI Bk lead

Mumbai: Benchmark main index extends early gains, now up 0.77% while the 50-share index 0.70% higher, led by continued bullishness in IT and banking stocks.

IT stocks have been helped by the weaker rupee and hopes for more stimulus from the US Fed after data showed cooling US growth.

Infosys is up 2.3%, while Tata Consultancy Services rose 3.2%.

ICICI Bank continued to add to gains after better than estimated Q4 results on Friday.

Shares in banks will be closely watched after rating agency Moody’s said it was reviewing ICICI Bank, Axis Bank and HDFC Bank for possible downgrades.