Noida, Oct 16 (APAC Media): Indian equity benchmarks BSE Sensex and NSE Nifty ended higher on Friday, supported by gains in information technology stocks and select heavyweight shares, as investors assessed corporate earnings and global economic developments amid concerns over elevated crude oil prices.
The BSE Sensex rose 414 points, while the NSE Nifty 50 closed above the 23,100 marks, extending the recovery from Thursday’s sharp rally. Buying in technology shares helped underpin sentiment, although weakness in some stocks following earnings announcements limited gains.
On Thursday, the Sensex had surged 1,533.72 points, or 2.10%, to settle at 74,315.61, while the Nifty advanced 374.65 points, or 1.66%, to close at 22,997.35.
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Information technology stocks remained in focus as investors assessed quarterly results and prospects for a recovery in technology spending. Tech Mahindra gained attention after reporting a 32.74% year-on-year increase in second-quarter net profit, strengthening sentiment towards the company.
Wipro shares also drew investor interest after its revenue performance exceeded expectations.
However, Persistent Systems declined following pressure on profit margins, highlighting differences in operating performance across the technology sector.
Market participants continued to evaluate the outlook for global technology spending, deal pipelines and client demand, which are key factors influencing earnings prospects for Indian IT companies.
Reliance Industries remained on investors’ radar amid developments surrounding the proposed initial public offering of Jio Platforms. Market participants are assessing the potential implications of the listing for Reliance’s valuation and future growth prospects.
HDFC Life Insurance shares faced pressure as investors weighed concerns over proposed changes to insurance distribution rules. The movement came despite the company’s earnings performance, underscoring the influence of regulatory developments on individual stocks.
Select heavyweight shares, including Mahindra & Mahindra and Bharti Airtel, also supported the broader market, reflecting buying interest beyond the technology sector.
However, concerns over crude oil prices and global inflation continued to pose risks to the market outlook. Brent crude hovered around $105 per barrel, raising concerns about India’s import bill, inflation and operating costs for oil-dependent industries.
Investors also monitored US producer price data for clues on the global interest-rate outlook. Changes in inflation expectations and monetary policy could influence foreign capital flows into emerging markets, including India.
Analysts said market direction in the coming sessions would depend on corporate earnings, foreign investor activity, movements in crude oil prices and global market trends. Stock-specific volatility is likely to persist as investors distinguish between companies delivering strong results and those facing margin or demand pressures.
-ENDS–
Disclaimer: This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
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