Indian stock markets extend recovery led by IT sector gains

Indian benchmark equity indices, the Sensex and Nifty 50, extended their recovery for a second consecutive session on Friday. The BSE Sensex rose by 413.66 points, or 0.56 per cent, to close at 74,729.27, while the NSE Nifty 50 climbed 148.80 points, or 0.65 per cent, to finish at 23,146.15, reclaiming the 23,100 level.

The rally was primarily driven by strong performance in the information technology (IT) sector. Major IT firms, including Tech Mahindra, Tata Consultancy Services (TCS), and Infosys, saw significant gains following positive quarterly earnings reports. Tech Mahindra, in particular, surged over 8 per cent after reporting a substantial jump in consolidated net profit.

Other contributing sectors included telecommunications, specifically Bharti Airtel, as well as banking and auto stocks. Market sentiment was further supported by softening global bond yields, a strengthening rupee, and a decline in Brent crude oil prices.

Despite the gains in large-cap stocks, the broader market showed a mixed trend. The Nifty MidCap and SmallCap indices both experienced declines, indicating that the recent upward momentum was concentrated in heavyweight frontline stocks rather than widespread market participation.