Maharashtra: Sensex, Nifty Gain On IT
On the sectoral front besides Nifty IT, metal, and pharma emerged as the top-performing sectors: Reports
MUMBAI: The Indian equity benchmarks ended higher on Friday, snapping a two-session losing streak as strong gains in technology stocks offset subdued performance across much of the broader market. The Sensex rose 330.92 points or 0.43 per cent to end at 77,264.51, while the Nifty gained 84.80 points, or 0.35 per cent to close at 24,175.65.
The Nifty IT index emerged as the top gainer, rising 3.5 per cent, tracking the overnight rally in US technology stocks and recovering from the recent selloff. Nvidia's strong Q2 results and upbeat revenue outlook reinforced optimism around global AI spending. TCS was up 4.09 per cent, followed by Infosys at 3.34 per cent, Tech Mahindra at 3.18 per cent and HCL Technologies at 2.68 per cent. FMCG stocks came under pressure amid rising raw material costs.
Bank Nifty, however, remained largely unchanged, slipping 0.02 per cent to end at 57,496.30, reflecting the absence of meaningful participation from financials.
On the sectoral front besides Nifty IT, metal, and pharma emerged as the top-performing sectors, supported by selective buying interest. On the downside, Nifty FMCG, energy, and auto remained the key laggards, witnessing profit booking during the session.
The broader market remained resilient, with the Nifty Small cap 100 gaining 0.20 per cent and continuing to trade near its all-time high levels. The Nifty Midcap 100 index remained largely flat, edging up 0.05 per cent, indicating selective participation across the broader market.
Despite the positive close, Brent crude oil prices remained above the $85 per barrel level, a key concern for investors, keeping the overall sentiment cautious. Market participants are also expected to closely track the Jackson Hole symposium over the weekend for cues on the global monetary policy outlook and the direction of interest rates.