Indian markets have recovered from opening losses and moved into the green in the second half of trade. The Nifty is up over 100 points, above 23,100, led by IT stocks. Tech Mahindra, Infosys and TCS are among the biggest gainers.
The Nifty IT index surged 11.5% for the week, marking its biggest weekly gain in nearly 18 years. Tech Mahindra, TCS, Infosys and HCLTech were among the top Nifty gainers. Nearly 40 Nifty stocks delivered positive returns during the week, with gains of up to 18%. However, FMCG and pharma stocks remained under pressure, with the Nifty FMCG index falling nearly 1%.
On Friday, the Sensex rose 413 points to close at 74,729, while the Nifty gained 149 points to settle at 23,146, holding above the 23,100 mark in a rangebound session. The broader market underperformed for the second straight day, with the midcap index falling 67 points to 59,130. The Nifty Bank rose 33 points to close at 55,844, remaining largely flat ahead of key banking results.
The Nifty IT index extended its gains for a fourth consecutive session, rising nearly 4%. Tech Mahindra posted its biggest single-day gain since March 2020 after its Q2 results and bonus issue announcement, while TCS extended its rally and was up nearly 19% since its October 8 results.
Among other stocks in focus, Wipro rose nearly 6% after the company said deals deferred from Q2 were expected to close in Q3. Onward Technologies jumped 20% following strong Q2 results, while Federal Bank ended with modest gains after reporting better-than-expected results.
IndiGo was the top Nifty loser after the government told the Supreme Court that aviation air fare rules had been finalised. Capital market stocks ended lower, with BSE falling over 2% following the revised CAS framework. Angel One declined over 4% after reporting operationally weak Q2 results.
Jewellery stocks saw buying interest, with Senco Gold and Sky Gold rising over 5% each. Market breadth favoured advances, with the advance-decline ratio at 3:2.
In the broader market, KPIT Technologies, Bandhan Bank, Mphasis and Prestige Estates were among the top midcap gainers, while One MobiKwik, Exide Industries, LIC Housing Finance, MCX and Bank of Maharashtra were among the biggest laggards.
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