IT stocks power markets; Sensex up 165 points at noon as investors await Warsh speech
TCS leads Nifty 50 gainers, rising 3.81% to ₹2,334 against a previous close of ₹2,248.40
The Sensex rose 165.48 points, or 0.22 percent, to 77,099.07 at noon on Friday, buoyed by strong performance from information technology stocks. The Nifty 50 also gained 16 points, or 0.07 percent, closing at 24,106.85. The IT sector led market gains, with several major players posting significant increases. TCS, HCL Technologies, Infosys, Tech Mahindra, and Wipro all climbed more than 2 percent.
Sudeep Shah of SBI Securities noted that while technology stocks provided some support, broader market sentiment remained cautious ahead of Federal Reserve Chair Kevin Warsh's address at the Jackson Hole Economic Policy Symposium. The advance-decline ratio on the Nifty stood at a weak 19:31, indicating a narrow rally. Among the losers, metals and financials stocks weighed on sentiment, with Tata Steel, Shriram Finance, Bajaj Finserv, Asian Paints, and ICICI Bank all declining.
The BSE market breadth was marginally positive, with more stocks advancing than declining. The IT sector emerged as a key outperformer, gaining nearly 3 percent, driven by supportive global technology backdrop and renewed optimism around AI following Nvidia's strong quarterly results. The Indian rupee remained under pressure, trading above the ₹95.50 mark.
Warsh's speech at the symposium remains a critical macro event, with US 10-year bond yields rising to 4.68 percent, putting pressure on emerging market assets.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
