Indian benchmark indices Sensex and Nifty extended their winning streak for a second day, with the Sensex soaring over 800 points, fuelled by strong performances from key heavyweights, easing crude oil prices, and positive earnings reports from the IT sector.
Key Points
- The BSE Sensex surged 827.57 points (1.08%) to 77,569.39, while the NSE Nifty gained 244.10 points (1.02%) to 24,206.90, marking a second consecutive day of gains.
- Heavyweight stocks including Reliance Industries, ICICI Bank, HDFC Bank, Tech Mahindra, and Infosys were major contributors to the market rally.
- Easing crude oil prices and positive sentiment from TCS's June-quarter net profit increase and improved demand outlook further propelled the domestic market.
- TCS reported a 4.61% increase in its June-quarter net profit to Rs 13,349 crore, with expectations of demand recovery in the current quarter.
- Asian markets showed mixed trends, with South Korea, Japan, and Hong Kong ending higher, while Shanghai closed lower; US markets had closed higher on Thursday.
Stock market benchmark indices Sensex and Nifty ended 1 per cent higher on Friday, taking their winning run to the second day, helped by a rally in heavyweights Reliance Industries, ICICI Bank and HDFC Bank.
Easing crude oil prices and buying in IT stocks after TCS reported an increase in its June-quarter net profit and guided towards an improvement in demand returning in the ongoing quarter also propelled the rally in the domestic market.
Market Performance Highlights
The 30-share BSE Sensex jumped 827.57 points, or 1.08 per cent, to settle at 77,569.39.
During the day, it soared 900.41 points, or 1.17 per cent, to 77,642.23.
The 50-share NSE Nifty surged 244.10 points, or 1.02 per cent, to end at 24,206.90.
From the Sensex pack, Reliance Industries, Tech Mahindra, Bharat Electronics, Axis Bank, Tata Steel and Infosys were among the major winners.
TCS ended 1 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.
The laggards from the blue-chip pack were Eternal, Bharti Airtel, Sun Pharma and Trent.
Global Cues and FII Activity
Brent crude, the global oil benchmark, dipped 0.30 per cent to USD 76.07 per barrel.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Hong Kong's Hang Seng index ended higher, while Shanghai's SSE Composite index settled lower.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 532.86 crore on Thursday, according to exchange data.
