- Indian equity benchmarks recovered strongly from Thursday’s sell-off.
- IT stocks, easing crude oil prices drove market gains.
- TCS posted strong quarterly results; US immigration processing suspended.
Indian equity benchmarks ended Friday’s session higher, recovering from the previous day’s sharp sell-off. Gains in information technology (IT) stocks, particularly heavyweight counters, and softer crude oil prices during Asian trade supported the recovery.
The BSE Sensex soared close to 900 points and crossed 72,450, while the NSE Nifty50 jumped nearly 300 points and surpassed 22,500.
The rebound followed a steep decline on Thursday, when the Sensex plunged over 1,000 points and the Nifty50 dropped 1.64 per cent.
IT Stocks Lead Market Recovery
Information technology shares were among the biggest contributors to Friday’s gains, with Tata Consultancy Services (TCS), Apollo Hospitals Enterprise and Max Healthcare Institute featuring among the top gainers in the Nifty50 index.
The IT sector remained in focus after TCS reported its results for the second quarter of FY27, marking the start of the earnings season. The company posted a 4 per cent quarter-on-quarter increase in net profit to Rs 13,884 crore, while revenue rose 1.3 per cent sequentially to Rs 73,188 crore.
TCS also reported annualised artificial intelligence (AI) revenue of $3.1 billion, a total contract value of $9.6 billion and an interim dividend of Rs 12 per share.
Investors are also monitoring uncertainty around US employment-based immigration processes after the US Department of Labor suspended the processing of new and pending PERM labour-certification applications for companies including TCS, Infosys, Wipro, HCL and Cognizant. The development could affect employer-sponsored green-card applications, although it does not cancel existing H-1B status.
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Global Markets And Crude Oil Remain Key Triggers
Global market movements and energy prices continued to shape investor sentiment.
Brent crude was trading at $103.62 per barrel in early trade, down 0.48 per cent, while West Texas Intermediate (WTI) crude slipped 0.21 per cent to $92.52 per barrel.
Although prices eased, Brent remained above the $100-per-barrel mark. Sustained high crude prices are a concern for India because of the country’s dependence on oil imports and the potential impact on inflation, the current account balance and businesses with high energy or crude-linked costs.
Overnight, US markets ended mixed. The Dow Jones Industrial Average gained 0.10 per cent to close at 51,231.64, while the S&P 500 fell 0.47 per cent to 7,765.36. The Nasdaq Composite declined 1.25 per cent to 27,193.34 amid pressure on technology stocks.
Asian markets were largely lower in early trade, with Japan’s Nikkei down 1.07 per cent, Hong Kong’s Hang Seng falling 1.43 per cent and the Shanghai Composite declining 0.79 per cent.
Gold, Silver And Rupee In Focus
Precious metals advanced in early trade, with gold rising 0.70 per cent to $4,162.99 and silver gaining 1.23 per cent to $59.88.
The US Dollar Index stood marginally lower at 102.045, while the rupee traded around Rs 96.78 against the US dollar, unchanged from its previous level. The US 10-year Treasury yield eased by 0.004 percentage points to 5.231 per cent.
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FIIs Sell Shares, DIIs Provide Support
Provisional data showed that foreign institutional investors (FIIs) were net sellers of Indian equities worth Rs 12,943.58 crore, while domestic institutional investors (DIIs) bought shares worth Rs 10,703.11 crore.
The contrasting flows highlight continued support from domestic institutions even as overseas investors withdrew funds.
Meanwhile, the India VIX rose 9.94 per cent to 15.27, indicating an increase in expected market volatility. The index reflects anticipated volatility and does not, by itself, indicate the direction in which equities will move.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: abplive.com
