IT stocks steal the show as markets extend rally

Mumbai: Equity benchmark indices Sensex and Nifty rallied for the second straight session on Friday, supported by robust buying in IT firms and earnings-driven demand in the Tata Group’s retail arm Trent. The 30-share BSE Sensex climbed 308.49 points, or 0.42 per cent, to settle at 74,459.53. During the day, it surged 591.55 points, or 0.79 per cent, to 74,742.59. The 50-share NSE Nifty rallied 116.35 points, or 0.51 per cent, to end at 23,053.10.

On the weekly front, the BSE benchmark jumped 1,335.7 points, or 1.82 per cent, and the Nifty climbed 453.1 points, or 2 per cent.

“Indian equity markets extended their gains for the second consecutive session, with benchmark indices closing modestly higher despite persistent concerns over rising crude oil prices.

“Sectoral performance remained mixed, with the IT sector emerging as one of the strongest performers as investors rotated into technology stocks amid an AI-related sell-off across Asian markets. Trent was a standout individual gainer to lead the Nifty-50 gainers,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.

Among Sensex firms, Trent jumped 5.20 per cent after the Tata Group’s retail arm on Thursday reported a 25 per cent year-on-year increase in consolidated net profit to Rs 468 crore for the September quarter, as revenue growth and operating leverage supported earnings amid an inflationary environment.