Mumbai: Stock market indexes surged in the beginning of trading on Friday due to increased investment in technology stocks following TCS's report on earnings for the June quarter.
In early trading, the 30-stock BSE Sensex rose by 226.11 points to reach 80,123.45. The NSE Nifty increased by 82.1 points to reach 24,398.05. Tata Consultancy Services, the top IT services company in the country, saw a 2 pc rise in Sensex pack following an 8.7 pc growth in net profit to Rs 12,040 crore for the June quarter.
Other big winners included Infosys, Axis Bank, Mahindra & Mahindra, Bajaj Finance, Tech Mahindra, and HCL Technologies. Maruti, Asian Paints, Bharti Airtel, and ITC were among the underperformers. V K Vijayakumar, Geojit Financial Services' Chief Investment Strategist, mentioned that the strong domestic signal comes from the impressive results of TCS and positive comments from management that could boost many IT stocks.
Hong Kong's prices increased in Asian markets, while Seoul, Tokyo, and Shanghai's prices decreased. Thursday saw mostly lower closes for US markets. The worldwide standard for oil prices, Brent crude, increased by 0.25 pc to reach USD 85.59 per barrel.
According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 1,137.01 crore on Thursday. After reaching a peak earlier, the BSE index finished the day down by 27.43 points or 0.03 pc at 79,897.34 on Thursday. The NSE Nifty closed at 24,315.95, dropping 8.50 points or 0.03 per cent.
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