Sensex, Nifty Rebound After Two-Day Slide as IT Stocks Rally
Benchmark indices recover on Friday, with gains in heavyweight technology shares and positive global cues lifting investor sentiment.
India, Aug 29 : Indian equity markets staged a strong recovery on Friday, ending a two-session losing streak as gains in major information technology companies and favourable global signals improved investor sentiment.
The BSE Sensex climbed 331 points to close at 77,265, while the NSE Nifty gained 85 points to settle at 24,176. The Sensex had risen as much as 424 points during the session before giving up some of those gains.
Technology stocks were among the key drivers of the recovery. TCS and Tech Mahindra featured among the prominent gainers, while ICICI Bank and ITC also contributed to the broader market advance.
The rebound came after two consecutive sessions of losses and reflected improved risk appetite among investors. Global market cues also provided support, helping domestic benchmarks recover some of the ground lost earlier in the week.
The performance of large-cap technology companies remained a major factor for the market as investors assessed the outlook for global demand and monetary policy.
Despite Friday’s gains, market participants continue to track developments in international interest rates, currency movements, crude oil prices and geopolitical tensions for clues about the direction of equities.
The Indian market is also heading into a period where corporate earnings expectations and global economic indicators are likely to remain important drivers of investor decisions.
Analysts are expected to watch whether the latest rebound develops into sustained buying or remains a short-term recovery following the recent decline.
