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Sensex holds 78,000, Nifty above 24,300 as IT stocks rally; HCL Tech jumps

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At 12.40 pm, Sensex traded 534.51 points or 0.69 per cent higher at 78,036.63, and Nifty 50 increased by 168.60 points or 0.70 pre cent to 24,344.30 | Photo Credit: Kesavan A N 1612@Chennai

Domestic equity benchmarks traded higher at midday on Friday, led by information technology stocks, after a softer-than-expected US jobs report eased concerns over near-term Federal Reserve rate hikes and boosted risk appetite for emerging markets.

The BSE Sensex rose 655 points to cross the 78,150 mark, while the Nifty 50 gained over 200 points to trade at 24,378.15.

At 12.40 pm, Sensex traded 534.51 points or 0.69 per cent higher at 78,036.63, and Nifty 50 increased by 168.60 points or 0.70 pre cent to 24,344.30.

Broader markets were mixed, with the Nifty Smallcap 100 rising 0.23 per cent and the Nifty Midcap 100 adding 0.04 per cent.

Most sectoral indices traded in positive territory, led by Nifty IT, healthcare and realty. The Nifty IT index extended gains for a second straight session, climbing 3 per cent today. On the other hand, the PSU Bank index declined more than 1 per cent, while consumer durables and auto stocks also traded lower.

HCL Tech, Tech Mahindra lead Nifty 50 gainers

Among the Nifty 50 constituents, HCL Technologies, Tech Mahindra, Max Healthcare, Eternal and Sun Pharmaceutical Industries were the top gainers. State Bank of India, InterGlobe Aviation (IndiGo), Kotak Mahindra Bank and Trent were among the major losers.

Market breadth remained positive. Of the 3,292 stocks traded on the NSE at the time of writing, 1,843 advanced, 1,345 declined and 104 were unchanged. As many as 130 stocks hit their 52-week highs, while 18 touched 52-week lows. A total of 88 stocks were locked in the upper circuit, while 56 hit the lower circuit.

In the midcap space, GVT&D, Hitachi Energy, PB Fintech and Tube Investments of India declined 4-9 per cent, weighing on the index. Mahindra & Mahindra Financial Services, National Aluminium Company, Aurobindo Pharma and 360 One WAM gained up to 4 per cent.

Among smallcaps, Zensar Technologies, Nuvama Wealth Management, PPL Pharma, Kaynes Technology and HSCL advanced 3-11 per cent, while Welspun Corp, Force Motors, Jyoti CNC Automation and Star Health and Allied Insurance fell 2-5 per cent.