For the sixth day in a row, markets rise due to stable Asian counterparts; Tech Mahindra gains more than 12%
Due to strong purchasing in Tech Mahindra and solid trends in Asian markets, equity benchmark indexes rose in early trading on Friday, continuing their surge for the sixth day in a row.
In early trading, the 30-share BSE Sensex increased by 176.47 points to 74,515.91. The NSE Nifty reached 22,620.40, up 50.05 points.
Tech Mahindra surged more than 12.50 percent off the Sensex basket on the CEO of the IT services company’s announcement of a bold three-year plan to boost profitability and accelerate revenue development.
According to Tech Mahindra CEO Mohit Joshi, the business intends to resume growth in the second half of FY25.
Other notable winners were HDFC Bank, ITC, HCL Technologies, JSW Steel, Wipro, Tata Steel, and Wipro.
Among the laggards were Nestle, Mahindra & Mahindra, Bajaj Finance, and Bajaj Finserv.
Seoul, Tokyo, Shanghai, and Hong Kong were trading in positive territory in the Asian markets.
On Thursday, Wall Street finished lower.
The benchmark for world oil, Brent crude, increased by 0.33 percent to USD 89.30 a barrel.
According to exchange statistics, foreign institutional investors (FIIs) offloaded stocks on Thursday for a total of Rs 2,823.33 crore.
On Thursday, the BSE benchmark increased by 486.50 points, or 0.66 percent, to end the day at 74,339.44. To reach 22,570.35, the NSE Nifty increased by 167.95 points, or 0.75 percent.
