Benchmark equity indices Sensex and Nifty closed higher on Friday, extending their gains for a third consecutive session, supported by a strong rally in IT stocks and softer-than-anticipated US jobs data that eased concerns over near-term monetary tightening by the US Federal Reserve.
The 30-share BSE Sensex advanced 261.79 points, or 0.34 per cent, to finish at 77,763.91. During intra-day trade, the benchmark surged as much as 655.4 points, or 0.84 per cent, to touch 78,157.52. The broader 50-share NSE Nifty also ended in positive territory, rising 95.15 points, or 0.39 per cent, to settle at 24,270.85.
Among Sensex constituents, HCL Tech emerged as the top gainer, rallying 5.79 per cent, followed by Tech Mahindra, which climbed 1.81 per cent. Bharti Airtel, Sun Pharma, Bajaj Finserv, UltraTech Cement, Tata Steel, Bajaj Finance, Tata Consultancy Services, and ICICI Bank also posted notable gains.
On the other hand, Axis Bank, State Bank of India, Mahindra & Mahindra, and Larsen & Toubro were among the major losers during the session. Across Asia, South Korea's Kospi index rebounded nearly 6 per cent, while Japan's Nikkei 225, China's Shanghai SSE Composite, and Hong Kong's Hang Seng also finished the day with gains.
"Domestic markets closed the session higher, despite intermittent volatility and bouts of profit-booking, supported by favourable global cues and rising expectations of a more accommodative global interest rate environment following softer US labour market data."
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"Investor sentiment also received a boost from the positive outcomes of the India-Japan Summit and the continued recovery in the IT sector," said Vinod Nair, Head of Research at Geojit Investments Ltd.
He further noted that easing crude oil prices continue to act as an important macroeconomic tailwind for India, supporting the inflation outlook, improving external balances, and strengthening overall economic stability. European markets were trading on a mixed note during the session.
In the US, markets ended mixed overnight, with the Dow Jones Industrial Average gaining 1.14 per cent, while the Nasdaq Composite fell 0.80 per cent. The S&P 500 closed almost unchanged.
Brent crude, the global oil benchmark, rose 0.24 per cent to USD 71.97 per barrel. According to exchange data, Foreign Institutional Investors (FIIs) remained net sellers on Thursday, offloading equities worth Rs 311.82 crore.
In the previous session on Wednesday, the Sensex had rallied 579.48 points, or 0.75 per cent, to close at 77,502.12, while the Nifty gained 169.85 points, or 0.71 per cent, to settle at 24,175.70.
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