28 August,2026 04:50 PM IST | Mumbai | mid-day online correspondent
Representational Image. File pic.
Domestic equity benchmark indices snapped their two-day losing streak on Friday led by buying in IT stocks, despite global uncertainties weighing on investor sentiment.
"Strong gains in IT stocks helped Indian equities close higher today. The sector was supported by Nvidia's strong earnings and upbeat outlook, which reinforced optimism around sustained AI-related investments and benefited firms involved in enterprise AI deployment and workflow integration," Vinod Nair, Head of Research, Geojit Investments said.
The 30-share BSE Sensex surged 330.92 points, or 0.43 per cent, to settle at 77,264.51. The 50-share NSE Nifty gained 84.80 points, or 0.35 per cent, to end at 24,175.65.
"Indian benchmark indices traded in a choppy range throughout the session but managed to close in positive territory and near the day's highs. Despite the positive close, Brent crude oil prices sustaining above the USD 85 per barrel level remained a key concern for investors, keeping the overall sentiment cautious," Bajaj Broking Research said.
From the Sensex pack, Tata Consultancy Services (TCS), Infosys, Tech Mahindra, HCL Tech, Titan and Eternal were the gainers. TCS's shares quoted 4.09 per cent higher, stocks of Infosys and Tech Mahindra gained over 3 per cent. ICICI Bank, UltraTech Cement, Asian Paints and ITC were among the laggards.
"The Nifty IT index emerged as the top gainer, rising over 3 per cent, tracking the overnight rally in US technology stocks and recovering from the recent selloff," Siddhartha Khemka Head of Research, Wealth Management, Motilal Oswal Financial Services said.
On Thursday, the benchmark indices extended their losses for the second straight day. The Sensex tanked 539.35 points, or 0.70 per cent, to settle at 76,933.59, while the Nifty shed 116.90 points, or 0.48 per cent, to end at 24,090.85.
"Investor participation remained selective as markets awaited comments from the Fed Chair at the Jackson Hole symposium for greater clarity on the US interest-rate outlook and global liquidity conditions. Domestically, with the Q1FY27 earnings season largely concluding on a healthy note, focus is gradually shifting towards the sustainability of earnings growth amid evolving global macroeconomic conditions," Nair said.
"While supportive domestic liquidity conditions provide stability to the market, unresolved West Asia tensions and elevated crude oil prices remain key monitorables, keeping investors watchful of potential risks to growth and corporate profitability," he added.
According to news agency PTI, Brent crude, the global oil benchmark, dipped 0.17 per cent to USD 89.63 per barrel, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 298.26 crore on Thursday.
"Indian equities are expected to trade in a broader range amid a lacklustre environment, mixed global cues and persistent geopolitical tensions, despite Brent crude cooling to USD 88 per barrel, down around 8 per cent over the past nine days. Investors are awaiting further clarity on geopolitical developments, while key global and domestic macro triggers are likely to guide market direction," Khemka said.
In Asian markets, South Korea's Kospi and Shanghai's SSE Composite index declined, while Japan's Nikkei 225 index and Hong Kong's Hang Seng index quoted higher.
(With inputs from PTI)
