Sensex, Nifty rise in early trade as Tech Mahindra shares jump

Benchmark indices Sensex and Nifty opened higher on Friday, led by gains in IT stocks after Tech Mahindra reported a strong rise in June-quarter profit. Positive momentum in technology shares outweighed weakness in select heavyweight stocks during early trade

Mumbai: Benchmark indices Sensex and Nifty climbed in early trade on Friday, driven by buying in IT stocks after Tech Mahindra reported a 28.4 per cent rise in consolidated net profit for the June quarter.

After a subdued close in the previous session, the 30-share BSE Sensex jumped 480.95 points to 77,656.56 in early trade. The 50-share NSE Nifty climbed 125.05 points to 24,201.

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From the Sensex pack, Tech Mahindra climbed 3 per cent after the IT company reported a 28.4 per cent rise in consolidated net profit for the June quarter to Rs 1,465 crore and expressed confidence about the demand environment.

Infosys, Tata Consultancy Services, HCL Tech, Mahindra & Mahindra and Reliance Industries were also among the gainers.

Sun Pharma, Bharti Airtel, Trent and UltraTech Cement were among the laggards.

The BSE IT index traded 1.25 per cent higher at 28,189.45.

Brent crude, the global oil benchmark, was trading 0.85 per cent higher at USD 84.95 per barrel.

In Asian markets, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index were trading lower.

US markets ended in negative territory on Thursday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,205.56 crore on Thursday, according to exchange data.

On Thursday, the Sensex edged up 1.44 points to settle at 77,186.87. The Nifty dipped 5.75 points, or 0.02 per cent, to close at 24,072.75.