Sensex, Nifty Extend Rally as IT Stocks Jump on Soft US Jobs Data

Indian equities rose for a third straight session Friday, led by a technology sector rally after US jobs data came in softer than expected. The BSE Sensex added 261.79 points, or 0.34%, to close at 77,763.91 after touching an intraday high of 78,157.52. The NSE Nifty gained 95.15 points, or 0.39%, to finish at 24,270.85.

HCL Tech surged 5.8%, the biggest winner on the Sensex. Tech Mahindra climbed 1.8%. Other gainers included Bharti Airtel, Sun Pharma, Bajaj Finserv, UltraTech Cement, Tata Steel, Bajaj Finance, Tata Consultancy Services, and ICICI Bank. Axis Bank, State Bank of India, Mahindra & Mahindra, and Larsen & Toubro lagged.

The week's US payrolls print dented expectations for near-term Federal Reserve rate hikes. That shift typically benefits Indian IT stocks, given their revenue exposure to US corporate spending. Vinod Nair, head of research at Geojit Investments, said domestic markets closed higher despite