Mumbai: Indian benchmark indices closed sharply higher on Friday, powered by a rally in IT stocks after Tata Consultancy Services delivered a better-than-expected set of June-quarter numbers. PSU bank and realty shares added to the momentum, while a rebound in global chip stocks gave the rally an extra push.
Sensex, Nifty End the Week on a High
The BSE Sensex climbed 828 points, or 1.08 per cent, to settle at 77,569.39. The Nifty50 wasn’t far behind, adding 244 points, or 1.02 per cent, to close at 24,206.90. Both indices opened with a strong gap-up on Friday morning and largely held their ground through the day, shrugging off the volatility that had rattled markets earlier in the week.
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TCS Results Spark IT Sector Rally
The day’s biggest trigger was TCS’s Q1FY27 earnings, announced after Thursday’s close. India’s largest IT services company reported a consolidated net profit of ₹13,349 crore, up 4.6 per cent year-on-year, while revenue grew nearly 14 per cent to ₹72,275 crore — comfortably ahead of Street estimates. The company’s AI-linked business also stood out, with annualized AI revenue climbing to $2.6 billion, and a marquee $800 million AI transformation deal with Swedish engineering major SKF adding to an already strong $9.5 billion order book for the quarter.
The market responded swiftly. TCS shares jumped as much as 3.8 per cent intraday, adding close to ₹26,720 crore to its market capitalisation. The optimism spread across the sector, with Infosys, Tech Mahindra, HCLTech and Wipro all rising between 3 and 3.7 per cent as investors bet that a strong TCS print could set the tone for the rest of the IT earnings season.
Jio Financial, HDFC Life Among the Other Top Gainers
Beyond IT, Jio Financial Services was the standout on the Nifty, rising over 3.6 per cent. HDFC Life Insurance and SBI Life Insurance also posted solid gains as financial stocks found favor with investors. Adani Enterprises and Bharat Electronics rounded out the day’s notable gainers.
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Not every stock joined the rally. Dr Reddy’s Laboratories slipped close to 2 per cent, making it the session’s biggest laggard on the index. Eternal, Bharti Airtel and Coal India also ended in the red, though the losses stayed relatively contained.
Realty and PSU Banks Steal the Show on the Sectoral Front
Sector-wise, Nifty Realty was the clear leader, with PSU Bank and IT stocks also putting in a strong showing. FMCG was the one sore spot, closing lower even as most other pockets of the market rallied.
Small and mid-cap stocks did even better than the big names. The Nifty Midcap 100 gained 1.4 per cent, while the Nifty Smallcap 100 climbed 1.55 per cent — a sign that the buying wasn’t limited to blue-chip counters.
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