IT stocks power Nifty out of slump; Jackson Hole in focus

IT stocks propelled India's Nifty out of its recent slump, as the sector surged following Nvidia's strong quarterly results and upbeat revenue outlook. This rally helped mask a cautious and range-bound session for broader markets. The Nifty 50 closed at 24,175, up 0.35 percent, while the Sensex ended at 77,264, gaining 0.43 percent.

The Nifty IT index led sectoral gains, surging 3.5 percent, with TCS, Tech Mahindra, and Infosys among the top gainers. Metals and pharma also ended in the green, while FMCG, auto, and energy sectors faced selling pressure and closed in the red. Bank Nifty ended nearly flat, slipping 0.02 percent to 57,496. The advance-decline ratio improved to 1.25, though more stocks ended in the red than green.

Investors remain optimistic, with FII inflows rebounding, and sentiment supported by a pause in West Asia tensions. However, geopolitical uncertainty remains, with focus shifting to Federal Reserve Chair Kevin Warsh's remarks at the Jackson Hole symposium.

Brief written by urgent.news from Hindu BusinessLine's own syndicated text. Machine-written — may contain errors; check the original before relying on it.