Sensex, Nifty snap 2-day losing streak led by IT stocks; Sensex up 330 points

Domestic equity benchmark indices snapped their twoday losing streak on Friday led by buying in IT stocks despite global uncertainties weighing on investor sentimentMarket movementStrong gains in IT stocks helped Indian equities close higher today The sector was supported by Nvidias strong earnings and upbeat outlook which reinforced optimism around sustained AIrelated investments and benefited firms involved in enterprise AI deployment and workflow integration Vinod Nair Head of Research Geojit Investments saidThe 30share BSE Sensex surged 33092 points or 043 per cent to settle at 7726451 The 50share NSE Nifty gained 8480 points or 035 per cent to end at 2417565Indian benchmark indices traded in a choppy range throughout the session but managed to close in positive territory and near the days 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 saidFrom the Sensex pack Tata Consultancy Services TCS Infosys Tech Mahindra HCL Tech Titan and Eternal were the gainers TCSs shares quoted 409 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 laggardsThe 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 saidOn Thursday the benchmark indices extended their losses for the second straight day The Sensex tanked 53935 points or 070 per cent to settle at 7693359 while the Nifty shed 11690 points or 048 per cent to end at 2409085Investors track global cuesInvestor participation remained selective as markets awaited comments from the Fed Chair at the Jackson Hole symposium for greater clarity on the US interestrate 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 saidWhile 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 addedAccording to news agency PTI Brent crude the global oil benchmark dipped 017 per cent to USD 8963 per barrel Foreign Institutional Investors FIIs offloaded equities worth Rs 29826 crore on ThursdayIndian 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 saidIn Asian markets South Koreas Kospi and Shanghais SSE Composite index declined while Japans Nikkei 225 index and Hong Kongs Hang Seng index quoted higherWith inputs from PTI