Sensex Edges Higher on Tech Gains

India’s BSE Sensex edged up around 0.2% to 74,439 on Friday, after reaching a four-month high in the previous session, led by gains in technology stocks. Tech Mahindra rose 6.9% on better-than-expected second-quarter revenue and strong deal wins. However, sentiment remained fragile amid foreign outflows, with overseas investors selling $555.99 million worth of Indian shares on Thursday, while Brent crude near $106 a barrel stoked inflation concerns. Markets also assessed the Securities and Exchange Board of India’s (SEBI) reversal of its decision on closing auction settlements for expiring derivatives contracts. Among other stocks in focus, Jio Financial Services reported a sharp increase in adjusted operating profit on lending growth, while HDFC Life Insurance posted higher quarterly profit as policy sales through parent HDFC Bank recovered. Other notable gainers among technology stocks included TCS (3.3%), Infosys (3.9%), Wipro (4.5%), HCL Tech (1.2%), and LTM (1.9%).

India's BSE Sensex accelerated its gains to close 2.1% higher at 74,316 on Thursday, notching its biggest daily gain since June 12 and recovering from the prior session's decline. Buying was broad-based, led by information technology (IT) and banking stocks, as optimism over corporate earnings lifted investor sentiment. The rally came despite weakness in global technology stocks, as concerns over stretched AI valuations and hotter-than-expected US inflation weighed on overseas markets. Tech Mahindra led gains among stocks, surging 4.6%, ahead of its earnings report, while HCL Tech rose 2.6% and TCS advanced 2.3%. ICICI Bank and HDFC Bank gained 4.2% and 2.5%, respectively, with the lenders set to publish their quarterly earnings over the weekend. Bharti Airtel and Reliance Industries rose 2.9% and 2.8%, respectively, after Reliance unit Jio Platforms unveiled plans for India's largest initial public offering (IPO). BEL, Trent and Hindustan Unilever posted only slight losses.

The SENSEX Index went up by 1534 points or 2.11 percent on Thursday to close at 74316 points. The rise was led by Tech Mahindra (4.74%), ICICI Bank (3.18%) and Bharti Airtel (3.17%).