Sensex up 800 pts, Nifty near 24,300; IT buying, Jio Financial earnings among key factors lifting indices today
Indian benchmark indices Sensex and Nifty jumped on Friday, defying weak global cues, as strong buying in IT stocks, upbeat Jio Financial earnings, optimism ahead of Reliance Industries’ results, value buying and a technical breakout above the 24,200 level lifted sentiment.
Indian indices surged, bucking weak global cues.
IT stocks, Jio Financial, Reliance led rally.
Sensex up 800 pts, Nifty up 203 pts.
Indian benchmark indices rose, with the BSE Sensex jumping 800 points in morning trade on Friday, bucking weak global cues. Strong buying in information technology stocks, upbeat earnings from Jio Financial Services, optimism ahead of Reliance Industries’ quarterly results and value buying in large-cap stocks lifted sentiment.
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At 12 pm, the Sensex was up 800 points, or 1.04 percent, at 77,986.94, while the Nifty 50 gained 203 points, or 0.84 percent, to 24,275.60. The rally came despite negative market breadth, with 1,304 shares advancing against 2,289 declining, suggesting that gains were concentrated in heavyweight stocks rather than being broad-based.
IT stocks spearhead gains
Information technology stocks emerged as the biggest support for the benchmark indices after Tech Mahindra reported better-than-expected June-quarter revenue growth and margins, with strong deal wins reinforcing confidence in its turnaround. The Nifty IT index rose 1.3 percent, among the best-performing sectoral indices.
Among the top Nifty gainers, TCS climbed 2.4 percent, Tech Mahindra gained 1.9 percent, while HCL Tech and Infosys rose around 1.4 percent each, with four IT heavyweights featuring among the index’s top gainers.
Jio Financial jumps after earnings; Reliance advances ahead of results
Jio Financial Services surged 3.7 percent to top the Nifty gainers after reporting a 156 percent year-on-year jump in June-quarter consolidated net profit and a 227 percent rise in revenue, driven by strong growth in interest income and fee-based businesses.
Meanwhile, Reliance Industries gained nearly 2 percent ahead of its June-quarter earnings due later on Friday. Analysts expect the conglomerate’s diversified business model, stronger refining margins and improved petrochemical profitability to help cushion the impact of geopolitical volatility in West Asia.
Value buying, technical breakout aid sentiment
Apart from earnings-driven gains, dealers also pointed to value buying in large-cap stocks after the market’s recent decline, with investors selectively accumulating heavyweight names despite weak global cues.
The rally also gathered momentum after the Nifty reclaimed the 24,200 level in early trade. Ponmudi R, CEO of Enrich Money, had said before the opening bell that 24,200 was the immediate resistance for the index, and a sustained move above that level could strengthen bullish momentum and pave the way for an advance towards the 24,300-24,400 zone.
Financial stocks contributed to the gains, with the Nifty Bank index rising 0.9 percent and the Nifty Private Bank index advancing 1.5 percent. Kotak Mahindra Bank gained 2.6 percent, while ICICI Bank rose 1.5 percent and HDFC Bank and Axis Bank gained around 1.4 percent each.
Broader market remains under pressure
Despite the strong move in the benchmark indices, broader markets continued to underperform. The Nifty Midcap 100 index fell 0.7 percent, while the Nifty Smallcap 100 declined 0.9 percent, indicating that buying remained concentrated in large-cap stocks.
Sectorally, Nifty Pharma fell 1.6 percent, while Nifty Metal declined 0.6 percent and Nifty Media slipped 1 percent. Healthcare stocks including Cipla, Dr Reddy’s Laboratories, Max Healthcare, Apollo Hospitals and Sun Pharma featured among the top losers on the Nifty.
Key factors behind today’s rally
The main factors supporting Indian markets in early trade include:
Broad-based buying in large-cap IT stocks, led by Tech Mahindra’s better-than-expected quarterly performance and continued strength in Infosys, TCS and HCL Technologies.
Strong June-quarter earnings from Jio Financial Services, which lifted the stock nearly 5 percent.
Optimism ahead of Reliance Industries’ June-quarter results, with expectations of resilient earnings supported by stronger refining and petrochemical performance.
Value buying in heavyweight stocks after recent weakness, despite subdued global cues.
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A technical breakout above the 24,200 level, which, according to Ponmudi R of Enrich Money, reinforced the near-term bullish structure and encouraged fresh buying in index heavyweights.
Support from banking stocks, led by HDFC Bank, ahead of a busy weekend of earnings from major private lenders.