Mumbai
Benchmarkequity indices extended gains for a second straight session on Friday, with the Sensex rising 827 points and the Nifty climbing over 1 per cent, driven by strong buying in IT, banking and heavyweight stocks amid easing crude oil prices and positive global cues. The 30-share BSE Sensex advanced 827.57 points, or 1.08 per cent, to close at 77,569.39, while the NSE Nifty gained 244.10 points, or 1.02 per cent, to settle at 24,206.90.
Heavyweights Reliance Industries, ICICI Bank, HDFC Bank, Tech Mahindra, Infosys, Bharat Electronics, Axis Bank and Tata Steel led the rally. Investor sentiment improved after TCS reported a 4.61 per cent rise in June-quarter net profit to Rs 13,349 crore and indicated that demand, affected by the West Asia crisis, is expected to improve in the current quarter.
Market participants were also encouraged by easing crude oil prices, with Brent crude slipping to around $76 per barrel, reducing concerns over inflation and import costs. All sectoral indices ended in positive territory. Realty gained 3.4 per cent, followed by PSU Banks (3.26 per cent), IT (2.01 per cent), Metals (1.55 per cent) and Services (1.5 per cent). Broader markets also remained firm, with midcap and smallcap indices rising up to 1.7 per cent.
Analysts said steady earnings, lower crude prices and stability in the rupee supported buying, though investors remain watchful of geopolitical developments and global market trends.
Market breadth was positive, with 2,883 stocks advancing against 1,377 declines on the BSE. Despite the two-day rebound, benchmark indices ended the week marginally lower. The Sensex declined 194.52 points (0.25 per cent) during the week, while the Nifty slipped 63.95 points (0.26 per cent). Foreign institutional investors remained net sellers, offloading equities worth Rs 532.86 crore on Thursday.
TCS earnings cheer boosts Infosys, HCL Tech, Wipro and TechM
New Delhi: Shares of TCS ended 1 per cent higher on Friday after the country’s largest IT services company reported a 4.61 per cent increase in its June-quarter net profit, and guided towards an improvement in demand impacted by the West Asia crisis, returning in the ongoing quarter. The bellwether IT stock ended at Rs 2,069.05, up 1.04 per cent on the BSE. During the day, it jumped 4.11 per cent to Rs 2,132. At the NSE, shares of the firm ended 0.95 per cent higher at Rs 2,069. Intraday, shares of the company climbed 4 per cent to Rs 2,133.30. The company’s market valuation climbed Rs 7,706.53 crore to Rs 7,48,600.40 crore. TCS on Thursday reported a 4.61 per cent increase in its June-quarter net profit to Rs 13,349 crore. Other IT stocks -- Infosys, HCL Tech, Tech Mahindra and Wipro -- also ended in positive territory, adding significantly to the market’s rally. The BSE IT index jumped 2.01 per cent to end at 27,211.93.