Tech Mahindra's 28.4% profit jump drives Sensex 480 points higher, with Infosys and TCS rallying. FIIs sold Rs 4,205 crore but sector confidence remains strong.
Tech Mahindra posted a 28.4% rise in consolidated net profit for the June quarter, hitting Rs 1,465 crore. The company expressed confidence about the demand environment. The news sent Indian benchmark indices rallying on Friday.
Sensex jumped 480.95 points to 77,656.56 in early trade. Nifty climbed 125.05 points to 24,201. Tech Mahindra shares rose 3% on the BSE.
The IT sector led the gains. Infosys, Tata Consultancy Services, and HCL Tech were among the winners. The BSE IT index traded 1.25% higher at 28,189.45.
Infosys carries an Alpha Score of 57 out of 100, a Moderate label, in AlphaScala's proprietary rating. The score reflects the stock's valuation and momentum within the Technology sector.
Sun Pharma, Bharti Airtel, Trent and UltraTech Cement were the laggards.
Foreign Institutional Investors offloaded equities worth Rs 4,205.56 crore on Thursday, exchange data showed. Asian markets were mostly lower, with Japan's Nikkei 225, Shanghai's SSE Composite and Hong Kong's Hang Seng in the red. US markets ended Thursday in negative territory.
Brent crude quoted 0.85% higher at $84.95 per barrel.
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