The benchmark stock indices in India concluded higher on Friday, defying the downward trend in information technology (IT) stocks.
The S&P BSE Sensex surged by 190.75 points to reach 72,831.94, while the NSE Nifty50 climbed 66.1 points, settling at 22,078.05 by the end of the trading session.
Despite initial setbacks, broader market indices rallied upwards towards the close of the day’s trading.
While most Nifty sectoral indices closed in the green, the Nifty IT sector experienced a notable decline of 2.33% at the closing bell. All ten constituents of the Nifty IT index concluded the session in negative territory.
The slump in IT stocks followed global consulting and technology firm Accenture’s downward revision of its revenue forecast for 2024, dampening expectations of a demand rebound.
Several prominent IT stocks, including Tata Consultancy Services (TCS) and Infosys, registered significant declines during the trading day.
Among the top five losers on the Nifty50 were Larsen & Toubro Infotech (LTIM), Infosys, Wipro, HCL Technologies, and TCS. Conversely, Hero MotoCorp, Maruti Suzuki, Sun Pharmaceutical Industries, UPL, and Apollo Hospitals emerged as the top gainers.
