IT rally powers markets over 1%; Sensex, Nifty end week with marginal losses

AI Summary

Indian equity indices rose over 1% led by IT stocks after Tata Consultancy Services' favorable quarterly earnings report, though the broader market ended the week slightly lower due to geopolitical tensions in West Asia affecting investor sentiment.

Mumbai: Indian equity indices rose over 1% on Friday, led by information technology stocks after Tata Consultancy Services' June-quarter earnings met market expectations, easing concerns over a weak earnings season for the sector. The benchmark indices, however, ended the week marginally lower, snapping a four-week winning streak, as renewed tensions in West Asia earlier in the week kept investor optimism in check. The NSE Nifty 50 rose 244.1 points, or 1%, to close at 24,206.9 on Friday, while the BSE Sensex gained 827.57 points, or 1.1%, to end at 77,569.39. Both indices ended the week nearly 0.3% lower. Brent crude futures traded above $76 a barrel on Friday evening after spiking to around $80 on Wednesday.