IT Stocks Lift Sensex 165 Points Before Warsh Speech
Indian IT stocks rallied nearly 3% after Nvidia's results, lifting the Sensex 165 points. Infosys (Alpha Score 57) gained 2.6% as markets awaited Fed's Warsh speech.
Indian equities edged higher Friday, with information technology stocks carrying the Sensex up 165 points ahead of Federal Reserve Chair Kevin Warsh's Jackson Hole address. The Nifty 50 held near 24,100 after slipping to a fresh weekly low intraday.
The IT sector rose nearly 3% after Nvidia's blowout quarterly results lifted US semiconductor and AI-linked stocks overnight. TCS led Nifty gainers, rising 3.81% to ₹2,334. HCL Technologies advanced 2.85% to ₹1,318.60. Infosys gained 2.62% to ₹1,139.90. Infosys carries an Alpha Score of 57 out of 100, labeled Moderate.
Sudeep Shah, head of technical and derivatives research at SBI Securities, said the advance-decline ratio on the Nifty stood at a weak 19:31, pointing to the narrow nature of the rally. He identified 23,860–23,940 as crucial support for the Nifty, with resistance in the 24,180–24,200 zone.
On the losing side, metals and financials weighed. Tata Steel fell 1.25%. Shriram Finance declined 1.24%.
Ponmudi R, CEO of Enrich Money, said the IT sector has emerged as a key outperformer, helped by a supportive global technology environment and renewed optimism around the AI theme following Nvidia's results.
The rupee remained under pressure above ₹95.50 per dollar. COMEX gold was down 0.53%.
Options data showed meaningful call writing at the 24,100 and 24,200 strikes, while the 24,000 put carried substantial open interest. Shah said a break below 23,940 could drag the Nifty toward 23,820–23,800, while a move above 24,200 could extend gains toward 24,350. For the Sensex, support was placed at 76,600 and resistance at 77,400.
Warsh's Jackson Hole speech later Friday is the session's most critical macro event, with the PCE index having printed at 3.7% and US 10-year yields firming to 4.68%.
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