Indian equity benchmarks soared to record highs on Friday, driven by strong buying in IT stocks.
The Sensex and Nifty both achieved new all-time highs, with the Sensex reaching 80,893 and the Nifty hitting 24,592.
As of 12:50 PM, the Sensex stood at 80,482, up by 585 points or 0.73%, while the Nifty was at 24,488, marking an increase of 172 points or 0.71%.
However, midcap stocks lagged behind their larger counterparts.
The Nifty Midcap 100 index was down 70 points or 0.12%, at 57,077, whereas the Nifty Smallcap 100 index saw a modest rise of 54 points or 0.29%, at 18,974.
Among the sectoral indices, Nifty IT led the gains, soaring 4.44% to 38,985.
Other sectors showing positive momentum included media, financial services, service sectors, and private banks.
In the Sensex pack, the top performers were TCS (up 6.5%), Wipro (up 4.75%), Infosys (up 3.39%), Tech Mahindra (up 3.17%), and HCL Tech (up 3.08%).
Conversely, NTPC, Maruti Suzuki, UltraTech Cement, Kotak Mahindra Bank, Asian Paints, and Sun Pharma were the top losers, each slipping by about half a percent.
The surge in IT stocks was significantly influenced by Tata Consultancy Services (TCS), India’s largest IT company, which reported strong Q1 FY25 results on Thursday.
TCS’s profit increased to Rs 12,040 crore, and its revenue grew by 5.4% year-on-year to Rs 62,613 crore.
Shrey Jain, Founder and CEO of SAS Online, commented on the market’s performance: “Overall, the market is demonstrating strong resilience, with investors eagerly buying on price dips. Yesterday’s US inflation data will influence today’s market movements.”
The current market dynamics reflect investor confidence and the robust performance of the IT sector, setting a positive tone for future trading sessions.
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