MUMBAI: Benchmark indices Sensex and Nifty closed higher for the second straight day on Friday, driven by strong buying in IT stocks amid firm global trends.
The 30-share BSE Sensex climbed 413.66 points, or 0.56 per cent, to close at 74,729.27, with 17 constituents up, 13 down, and one unchanged. During the day, it surged 463.17 points, or 0.62 per cent, to 74,778.78.
The 50-share NSE Nifty was up 148.80 points, or 0.65 per cent, to end at 23,146.15.
Among the 30 Sensex firms, Tech Mahindra surged the most, up by 8.45 per cent after the IT services firm reported a 32.74 per cent jump in consolidated net profit to Rs 1,585.6 crore for the July-September quarter of FY27, as strong volume growth, cost savings, and rupee depreciation lifted operating profit.
Tata Consultancy Services jumped 4.61 per cent and Infosys rallied 4.55 per cent. HCL Tech rose 1.08 per cent. Bharti Airtel, Mahindra & Mahindra, and Bajaj Finance were also among the major winners..
InterGlobe Aviation, Reliance Industries, Asian Paints and Bharat Electronics were among the biggest laggards.
Markets regulator Sebi on Thursday revised the framework for the Closing Auction Session (CAS), changing trading timings, and the methodology for determining settlement prices of stock and index derivatives contracts.
Under the revised framework, the 10-minute closing auction session will operate from 3:30 pm to 3:40 pm on all trading days, while trading in index and stock derivatives will continue until 3:45 pm, with certain exceptions for expiring index derivatives contracts, Sebi said in its circular.
Further, a key change pertains to the settlement of expiring derivatives contracts, which will now be based on a Volume Weighted Average Price (VWAP) methodology using the last 30 minutes of continuous trading.
The revisions follow a review of the existing framework, consideration of public comments, recommendations of Sebi's Secondary Market Advisory Committee and discussions with stock exchanges.
"Indian equities extended their recovery, led by sustained buying in IT stocks, as strong quarterly results and upbeat management commentary reinforced confidence in the sector’s earnings outlook. Softer crude oil prices and a strengthening rupee further supported sentiment," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,285.37 crore on Thursday, according to exchange data.
Brent crude, the global oil benchmark, declined 0.30 per cent to USD 105.6 per barrel.
"Indian equity benchmarks ended higher on Friday, with information technology stocks driving the advance as investors responded to a fresh round of quarterly earnings. The Nifty IT index rose 3.92 per cent, outperforming the broader market and extending the sector’s recent recovery," Ponmudi R, CEO of Enrich Money, a SEBI - registered online trading and wealth tech firm, said.
Broader markets declined as the BSE MidCap Select index dipped 0.37 per cent and SmallCap Select index was down 0.14 per cent.
Among BSE sectoral indices, IT jumped 3.38 per cent, Focused IT climbed 3.29 per cent, Telecommunication 1.56 per cent, Metal 0.78 per cent, Auto 0.77 per cent, Commodities 0.70 per cent and PSU Bank 0.55 per cent.
Housing Finance tanked 1.19 per cent, Hospitals declined 0.78 per cent, Services 0.72 per cent, Consumer Durables 0.62 per cent, Energy 0.64 per cent and FMCG 0.44 per cent.
A total of 2,404 stocks advanced, while 1,962 declined and 250 remained unchanged on the BSE.
On the weekly front, the BSE benchmark surged 2,256.94 points, or 3.11 per cent, and the Nifty jumped 625.7 points, or 2.77 per cent.
In Asian markets, South Korea's Kospi, Japan’s 225 index, Shanghai's SSE Composite index and Hang Seng index rebounded and ended in positive territory.
Markets in Europe were trading largely in the green. US markets ended higher on Thursday.
"Markets extended their recovery for a second consecutive session on Friday, with benchmark indices trading higher following Thursday’s sharp rally. The recent buoyancy in IT stocks, following quarterly results, has been the primary driver of the market rebound, while other sectors have played a supportive role so far. The rupee strengthened against the US dollar, offering some relief to domestic sentiment," Ajit Mishra, SVP – research, Religare Broking, said.
On Thursday, the Sensex jumped 1,533.72 points, or 2.11 per cent, to settle near the day's high at 74,315.61. The Nifty climbed 374.65 points, or 1.66 per cent, to close at 22,997.35, its highest level since September 25.
