The Indian stock markets kicked off Friday’s trading session on a strong note, building on the positive momentum from the previous day. The benchmark BSE Sensex jumped over 600 points while the Nifty 50 surged nearly 180 points in early trade.
The information technology stocks spearheaded the rally after Index heavyweights Tata Consultancy Services (TCS) and Infosys posted better-than-expected earnings for the December quarter. Shares of Infosys zoomed nearly 7%, leading the Sensex pack while TCS jumped over 3%. Tech Mahindra and Wipro also climbed over 4% each. Besides IT, banking and realty stocks also witnessed strong buying interest.
The optimism on Dalal Street comes despite mixed cues from global markets and surging crude oil prices. Market analysts pointed out that the absence of any negative surprises or cautious commentary from IT firms in their earnings reports buoyed sentiment. Investors seemed to ignore macroeconomic headwinds as they lapped up stocks of sectors expected to remain resilient amid global uncertainties.
The broader markets also joined the rally as midcap and smallcap indices on BSE rose between 0.3-0.5%. Among other notable stocks, State Bank of India and HCL Technologies gained around 1-2% each. On the flipside, Bajaj Finserv, Asian Paints, and Maruti were among the notable losers. Friday’s rally has taken both Sensex and Nifty near their highest levels since April 2022.
Going ahead, stock-specific action will continue amid the ongoing Q3 earnings season. Investors will keenly await the financial results of other heavyweights like HDFC Bank, HUL, and HDFC Life next week which could influence the market trend.
