Stock Market Today: Sensex, Nifty Trade Higher; TCS Gain 3%

Stock Market Today: Shares of Tata Consultancy Services rose more than 2 per cent following its announcement of an 8.7 per cent growth in net profit to Rs 12,040 crore for the June quarter.

In Asian markets, Hong Kong traded higher, while Seoul, Tokyo, and Shanghai recorded losses

Source : PTI

The major stock market indices started Friday's trading session on a positive note. The NSE Nifty 50 opened up by 72 points, or 0.30 per cent, reaching 24,387.95, while the BSE Sensex gained 196.27 points, or 0.25 per cent, reaching 80,093.62 in early trading. Meanwhile, the broader indices showed mixed results, with the Bank Nifty index opening slightly higher, up by 2 points at 52,272.65.

In the previous trading session on Thursday, the BSE Sensex ended the session down by 27 points, closing at 79,897. Conversely, the NSE Nifty50 finished at 24,316, marking a decline of 8.5 points. During the day, the BSE benchmark had reached an intraday low of 79,464, while the NSE benchmark had touched 24,194.

Nifty IT emerged as the top gainer among sectoral indices, surging more than 2 per cent. This rise was driven by the stronger-than-expected Q1 results from TCS.

Major gainers included Infosys, Axis Bank, Mahindra & Mahindra, Bajaj Finance, Tech Mahindra, and HCL Technologies. Meanwhile, Maruti, Asian Paints, Bharti Airtel, and ITC were among the stocks that experienced declines.

According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, "The positive sentiment in the domestic market was driven by TCS's better-than-expected results and positive management outlook, which could potentially lift most IT stocks."

Global Market

In Asian markets, Hong Kong traded higher, while Seoul, Tokyo, and Shanghai recorded losses. US markets closed mostly lower on Thursday.

The global oil benchmark, Brent crude, rose by 0.25 per cent to $85.59 per barrel.

Rupee Movement

In early Friday trade, the Indian rupee remained steady at 83.53 against the US dollar, supported by firm crude oil prices and gains in domestic stocks. Opening unchanged at 83.53 at the interbank foreign exchange market, the rupee traded within a narrow band of 83.50 to 83.54 during morning transactions.