Mumbai: Benchmark indices bounced back on Friday after two days of sharp decline, with the Sensex surging 879 points and the Nifty rising to 22,520.45, led by a rally in TCS, other IT stocks and easing crude oil prices.
The 30-share BSE Sensex jumped 879.09 points, or 1.23 per cent, to settle at 72,472.33. During the day, it surged 1,075.96 points, or 1.50 per cent, to 72,669.20.
The 50-share NSE Nifty rallied 288.65 points, or 1.30 per cent, to end at 22,520.45.
From the 30 Sensex firms, ITC climbed 4.78 per cent, followed by Tata Consultancy Services which jumped 4.23 per cent.
Tata Consultancy Services reported a 15 per cent jump in net profit for Jul-Sep to Rs 13,884 crore and pointed to continued growth momentum going forward.
Adani Ports, Infosys, HCL Tech, Larsen & Toubro and HDFC Bank were also among the major gainers.
Reliance Industries was the only laggard from the blue-chip pack.
Brent crude, the global oil benchmark, declined 1.32 per cent to USD 102.9 per barrel.
“Domestic equities staged a relief rally, supported by value buying and short covering after the recent sharp correction. IT stocks outperformed on the back of a strong start to the Q2 earnings season and rising confidence in AI-driven revenue opportunities,” Vinod Nair, Head of Research, Geojit Investments Ltd, said.
Sentiment was aided by easing geopolitical concerns following indications that any potential US military action against Iran is unlikely before the mid-term elections, helping crude prices moderate, he added.
In Asian markets, Japan’s Nikkei 225 index ended marginally lower, while Shanghai’s SSE Composite index and Hang Seng index ended higher. Equity markets were closed in South Korea.
Markets in Europe were trading higher.
US markets ended mostly lower on Thursday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 12,943.58 crore on Thursday, according to exchange data.
On Thursday, the Sensex tumbled 1,045.46 points, or 1.44 per cent, to settle at 71,593.24. The Nifty dropped 371.25 points, or 1.64 per cent, to end at 22,231.80.
[DD News]