Mumbai: Benchmark indices Sensex and Nifty closed higher for the second straight day 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 settle at 74,729.27. 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.
From the 30 Sensex firms, Tech Mahindra surged 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, Infosys, Bharti Airtel, Mahindra & Mahindra, Bajaj Finance and HCLTech were also among the major winners.
InterGlobe Aviation, Reliance Industries, Asian Paints and Bharat Electronics were among the biggest laggards.
Markets regulator Sebi 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 Thursday, according to exchange data.
Brent crude, the global oil benchmark, declined 0.30 per cent to USD 105.6 per barrel.
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 Thursday.
“Markets extended their recovery for a second consecutive session 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.
PTI
