Sensex surges 413.66 points, Nifty gains 149 points amid buying in IT stocks

Representational Image. File pic.

The domestic equity benchmark indices extended their gains, ending higher for the second straight day on Friday led by strong buying in IT stocks. The easing crude oil prices and an appreciating rupee also boosted the investor sentiment.

Market indices recover from losses in early trade

The 30-share BSE Sensex advanced 413.66 points, or 0.56 per cent, to settle at 74,729.27. The 50-share NSE Nifty rose 148.80 points, or 0.65 per cent, to end at 23,146.15.

"Benchmark indices closed the week on a firm note, with the constructive undertone remaining intact. The Nifty recovered around 150 points from the day's low to hold above the 23,050 mark, extending its winning streak to a second consecutive week," Pabitro Mukherjee, Deputy Vice President Research, Bajaj Broking said.

Gainers and laggards

Among the 30 Sensex firms, IT stocks rallied and Tech Mahindra, Tata Consultancy Services (TCS) and Infosys were among the major gainers. Shares of Tech Mahindra surged 8.45 per cent on the back of a strong Q2FY27 performance. TCS shares gained 4.61 percent while Infosys stock traded 4.55 per cent higher.

Bharti Airtel, Mahindra & Mahindra, Bajaj Finance and HCLTech were also among the major winners.

InterGlobe Aviation, Reliance Industries, Asian Paints, Bharat Electronics and ITC were among the major laggards.

"Indian equities extended their recovery, led by sustained buying in IT stocks, as strong quarterly results and upbeat management commentary reinforced confidence in the sector's earnings outlook. Softer crude oil prices and a strengthening rupee further supported sentiment," Vinod Nair, Head of Research, Geojit Investments said.

On Thursday, the Sensex soared 1,533.72 points, or 2.11 per cent, to settle at 74,315.61. The Nifty surged 374.65 points, or 1.66 per cent, to close at 22,997.35.

Mixed global cues

Brent crude, the global oil benchmark, declined 0.30 per cent to USD 105.6 per barrel, according to news agency PTI.

"While rupee appreciation and easing crude prices provide near-term support, global inflationary and geopolitical risks warrant caution," Nair said.

Foreign Institutional Investors (FIIs) were net sellers and offloaded equities worth Rs 5,285.37 crore, while Domestic Institutional Investors (DIIs) were net buyers and purchased equities worth Rs 3,319.39 crore on Thursday, according to exchange data.

In Asian markets, South Korea's Kospi, Japan's 225 index, Shanghai's SSE Composite index and Hang Seng index ended higher.

(With inputs from PTI)