4 hrs ago
IT Rally and Easing Oil Lift Indian Stocks
Indian stocks had fallen sharply for two days, but they rose on Friday.
The Sensex and Nifty both finished higher.
IT companies helped lead the rise, including Tata Consultancy Services.
TCS also reported that its profit rose 15% for the July-September quarter.
Oil prices went down, which eased some worries about inflation.
One analyst said investors were encouraged by IT earnings and possible AI-related business opportunities.
He also said lower worries about possible US action against Iran helped oil prices moderate.
More stocks rose than fell on the BSE that day.
The Sensex rose 879.09 points, or 1.23%, to 72,472.33 on Friday after two sessions of sharp declines.
The Nifty gained 288.65 points, or 1.30%, closing at 22,520.45.
ITC and Tata Consultancy Services led Sensex gainers, rising 4.78% and 4.23%, respectively.
Brent crude fell 1.32% to USD 102.9 per barrel, easing some inflation concerns.
Foreign institutional investors sold equities worth Rs 12,943.58 crore on Thursday, according to exchange data.
- Who
- Indian stock markets, including the Sensex and Nifty, and companies such as Tata Consultancy Services and ITC.
- What
- Stocks rebounded, with the Sensex gaining 879.09 points and the Nifty rising 288.65 points.
- Where
- Mumbai, India.
- When
- Friday; the report does not specify a calendar date.
- Why
- IT stocks rallied amid strong earnings and confidence in AI-driven revenue opportunities; easing crude prices and geopolitical concerns also supported sentiment.
Key facts
- Sensex close
- 72,472.33, up 879.09 points (1.23%).
- Nifty close
- 22,520.45, up 288.65 points (1.30%).
- Top Sensex gainer
- ITC rose 4.78%.
- TCS performance
- Shares rose 4.23%; net profit increased 15% to Rs 13,884 crore for the July-September quarter.
- Brent crude
- Fell 1.32% to USD 102.9 per barrel.
- BSE market breadth
- 2,516 stocks advanced, 1,867 declined and 227 were unchanged.
- Foreign investor sales
- FIIs sold equities worth Rs 12,943.58 crore on Thursday.
Quotes
Vinod Nair
Head of Research at Geojit Investments Ltd
“IT stocks outperformed on the back of a strong start to the Q2 earnings season and rising confidence in AI-driven revenue opportunities.”
thehansindia.com
Sources
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