Robust Gains Push Indian Markets Higher
Indian stock indices soared on Friday, driven by a stellar performance from Information Technology (IT) stocks.
Headline Indices:
* The Sensex surged 622.00 points (0.78%) to close at 80,519.34.
* The Nifty gained 186.20 points (0.77%) to settle at 24,502.20.
IT Sector Rally:
The IT sector led the charge, soaring nearly 5%. The top five gainers on the Nifty were all IT companies, with TCS leading the way with a gain of 7%. TCS’s impressive Q1 results fueled optimism and sparked a wider rally in the sector.
Sectoral Performance:
* Broader Market: Midcap and smallcap indices initially outperformed but reversed later in the day, declining by 0.2% and 0.1%, respectively.
* Top Gainers (Sensex): TCS, Infosys, HCL Tech, Tech Mahindra, and Axis Bank
* Top Gainers (Nifty): TCS, Wipro, LTI, Mindtree, Infosys, and HCL Technologies
* Top Losers (Nifty): Maruti Suzuki, Divis Labs, BPCL, Coal India, and Asian Paints
Rupee Strengthens:
The Indian rupee appreciated against the U.S. dollar, aided by a weaker dollar in light of lower-than-expected US inflation figures. The rupee closed at 83.5350 against the dollar.
Previous Day’s Performance:
* Sensex: Down 27 points to 79,897
* Nifty: Down 8.5 points to 24,316
