MARKET WRAP: IT stocks, HDFC Bank, RIL help Sensex settle 329 pts higher

Rally in information technology (IT) stocks, HDFC Bank, and Reliance Industries (RIL) helped the benchmark index, S&P BSE Sensex, settle with 329 points or 0.94 per cent gains at 35,171 levels on Friday. 


NSE's Nifty rallied 94 points or 0.91 per cent to end at 10,383. Volatility index, India VIX, dropped over 4 per cent to 28.50 levels. 


IT stocks advanced in the trade after Accenture posted a better-than-expected quarterly numbers. The S&P BSE Information Technology index jumped over 5 per cent to end at 15,125 levels. Among individual stocks, Infosys gained 7 per cent, TCS rose 5 per cent while Wipro ended over 3 per cent higher. READ MORE



On a weekly basis, Sensex gained 1.26 per cent while Nifty added 1.35 per cent. 


The broader indices underperformed the benchmarks. The S&P BSE MidCap index ended 0.27 per cent higher at 13,258.44 levels while the S&P BSE SmallCap rose 0.19 per cent to 12,630 points.

Global markets



Markets showed signs of optimism on Friday, with European shares opening higher and oil prices rising despite a record number of new COVID-19 infections in the United States. 


The MSCI world equity index, which tracks shares in 49 countries, was up 0.3%, extending gains from late on Thursday.


MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 per cent, for a weekly gain of around 0.7 per cent. Japan's Nikkei rose 1.3 per cent to sit 0.4 per cent higher for the week.


In commodities, gold prices edged higher and were headed for a third weekly gain on worries about rising coronavirus infections worldwide, although a firm dollar and a gain in equities blunted safe-haven demand.


Oil prices also rose, extending gains on optimism about a recovery in fuel demand worldwide. 


(With inputs from Reuters)