Indian stock markets witnessed a robust surge in early trade, with the Sensex jumping nearly 700 points, as IT sector stocks rallied following strong June-quarter results from TCS and positive global market cues.
Sensex and Nifty50 Performance: Key Market Highlights Today
- Indian benchmark indices Sensex and Nifty recorded significant gains in early trade, with the Sensex rising by 694.83 points to 77,423.82 and the Nifty by 195.95 points to 24,154.85.
- The rally was primarily fuelled by strong performance in IT stocks, notably after Tata Consultancy Services (TCS) reported a 4.61 per cent increase in its June-quarter net profit and projected improved demand.
- Major winners from the Sensex pack included HCL Tech, Infosys, Tata Consultancy Services, Tech Mahindra, UltraTech Cement, and Asian Paints.
- Positive trends in global markets, including significant jumps in South Korea's Kospi and Japan's Nikkei 225, also contributed to the domestic market's upward movement.
- Despite ongoing geopolitical tensions in West Asia, market experts note that global stock markets are largely ignoring these negative developments, indicating a confident market sentiment.
Stock market benchmark indices Sensex and Nifty surged in early trade on Friday, driven by a rally in IT firms after TCS reported an increase in its June-quarter net profit and guided towards an improvement in demand returning in the ongoing quarter.
Positive trend in global markets also drove the domestic equities higher during the initial trading.
Winners and Losers on Dalal Street
The 30-share BSE Sensex jumped 694.83 points to 77,423.82 in early trade. The 50-share NSE Nifty surged 195.95 points to 24,154.85.
From the Sensex pack, HCL Tech, Infosys, Tata Consultancy Services, Tech Mahindra, UltraTech Cement and Asian Paints were among the major winners.
TCS traded nearly 2 per cent higher after the country's largest IT services company on Thursday reported a 4.61 per cent increase in its June-quarter net profit to Rs 13,349 crore, and guided towards an improvement in demand impacted by the West Asia crisis, returning in the ongoing quarter.
Bharti Airtel and Sun Pharma were the laggards.
How Global Markets Impacted Indian Equities
In Asian markets, South Korea's Kospi jumped over 4 per cent, Japan's Nikkei 225 index traded 1.91 per cent higher, Shanghai's SSE Composite index was up 0.76 per cent and Hong Kong's Hang Seng index climbed 1.73 per cent.
US markets ended higher on Thursday.
"Tensions in West Asia continue without any clarity of a resolution to the geopolitical crisis. However, interestingly, markets are largely ignoring these negative developments," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
Global stock markets have completely ignored the renewed tensions, he said.
"This confident message from the market is significant. But investors have to be cautious, warranting monitoring of the developments," Vijayakumar added.
Brent crude, the global oil benchmark, quoted 0.33 per cent higher at $76.55 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 532.86 crore on Thursday, according to exchange data.
