Sensex, Nifty open higher as TCS leads IT rally with 5% jump in early trade
Benchmark stock market indices opened higher on Friday, fuelled by a surge in IT sector stocks with TCS leading from the front, gaining nearly 5% in early trade on the back of good Q3 FY25 results.
The S&P BSE Sensex gained 206.33 points to 77,826.54, while the NSE Nifty50 added 45.90 points to 23,572.40 as of 9:19 AM.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said that in the context of the looming uncertainty regarding President Trump’s likely actions, the market is unlikely to rally in the near-term.
“There appears to be no respite to the sustained FII selling which touched Rs 7170 crores yesterday. This will continue to put pressure on the market. Since the results season has started the market will witness lots of stock-specific action in response to the results. Results of TCS indicate that the IT sector will continue to remain resilient,” he added.
Banking giants are expected to report strong results; however, the sector might not react positively due to ongoing selling by foreign institutional investors (FIIs). On the other hand, pharmaceutical companies and specific automobile stocks, such as Eicher Motors, Mahindra & Mahindra, and Bajaj Auto, could emerge as strong performers even in a subdued market environment.
IT stocks led the gains on Nifty50 with Tata Consultancy Services (TCS) surging 3.92%, followed by Tech Mahindra which gained 2.19%. Wipro added to the tech sector’s strong performance with a 1.80% increase, while Infosys rose by 1.32%.
Mahindra & Mahindra also showed positive momentum with a 0.69% uptick.
On the declining side, Shriram Finance faced the steepest fall of 2.90%, while IndusInd Bank dropped 2.06%. Adani Enterprises declined by 1.54%, followed by Bharat Electronics Limited (BEL) which fell 1.44%. NTPC rounded out the major losers with a decline of 1.19%.
In a broadly negative trading session, Nifty IT emerged as the lone bright spot, standing out with a gain of 2.06% while all other sectoral indices ended in the red.