IT rally powers markets by more than 1%; Sensex, Nifty end weekend with marginal losses

Mumbai: Indian equity indices rose more than 1% on Friday, led by information technology stocks, after Tata Consultancy Services’ June-quarter earnings beat market expectations, easing concerns of a weak earnings season for the sector. Benchmark indices, however, ended the week marginally lower, snapping a four-week winning streak, as fresh tensions in West Asia earlier in the week dampened investor optimism.

On Friday, the NSE Nifty 50 rose 244.1 points, or 1%, to close at 24,206.9, while the BSE Sensex gained 827.57 points, or 1.1%, to close at 77,569.39. Both indices ended the week about 0.3% lower. Brent crude futures were around $80 on Wednesday after trading above $76 a barrel on Wednesday evening.