Mumbai — Indian equity benchmarks closed about 1% higher Friday, extending gains as investors bought information technology, financial and realty stocks.
The Nifty settled at 24,206.90, up 244.10 points, or 1.02%. The Sensex rose 827.57 points, or 1.08%, to close at 77,569.39.
IT and realty stocks led the rally. The Nifty IT index rose about 2%, making it the top-performing sectoral index, while financial stocks also saw broad-based buying.
The Nifty Realty index jumped more than 3%, followed by the Nifty PSU Bank index, which also gained 3%. The Nifty Chemicals, Metal, Cement and Oil & Gas indices advanced up to 1.66%.
The Nifty FMCG index was the only major sectoral gauge to close lower, slipping 0.08%.
Market experts said positive business updates from banks and an improved outlook for the IT sector helped boost investor confidence at the start of the June-quarter earnings season. They cited stable earnings estimates, a possible recovery in global technology spending and opportunities tied to artificial intelligence as supportive factors.
“If first-quarter earnings continue to beat expectations, concerns over future earnings growth could ease further, supporting the ongoing market uptrend. The rally has also broadened, with sectors such as real estate and metals witnessing strong participation,” the experts said.
They also said easing crude oil prices and a recovery in global technology stocks improved sentiment toward Indian equities, helping revive foreign institutional investor inflows.
International benchmark Brent crude fell more than 1% to $75.41 per barrel, while U.S. West Texas Intermediate crude dropped 1.27% to $71.16 per barrel. (Source: IANS)
