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Sensex Gains 413 Points as IT Stocks Post Best Week Since 2008

The Sensex closed at 74,729.27 and the Nifty at 23,146.15 on Friday. The Nifty IT index rose 10.4 percent this week, its strongest run since 2008, led by Tech Mahindra and Wipro.

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Sensex Gains 413 Points as IT Stocks Post Best Week Since 2008

Key points

  • Indian shares closed higher on Friday, October 16, with information technology stocks doing the heavy lifting for a second day.
  • For the week, the Sensex gained 3.11 percent and the Nifty rose 2.77 percent.
  • Tech Mahindra was the top Sensex gainer on Friday, closing up 8.45 percent.

Indian shares closed higher on Friday, October 16, with information technology stocks doing the heavy lifting for a second day. The BSE Sensex settled 413.66 points higher, up 0.56 percent, at 74,729.27. The NSE Nifty 50 rose 148.80 points, up 0.65 percent, to close at 23,146.15.

For the week, the Sensex gained 3.11 percent and the Nifty rose 2.77 percent. The Nifty IT index rose 10.4 percent across the week, which puts the sector on course for its biggest weekly gain since the week ended October 31, 2008, when it climbed 11.24 percent, Reuters reported. The IT rally outpaced every other major sector index in India this week.

Tech Mahindra leads the board

Tech Mahindra was the top Sensex gainer on Friday, closing up 8.45 percent. The company reported a 32.74 percent rise in consolidated net profit to 1,585.6 crore rupees for the July to September quarter, with strong volume growth, cost savings and a weaker rupee lifting operating profit.

Wipro rose 5.8 percent during the session after reporting stronger than expected quarterly revenue. Tata Consultancy Services rose 4.2 percent and Infosys gained 3.9 percent by early afternoon, and HCLTech added 1 percent. Persistent Systems moved against the sector, falling 3.3 percent after brokerages pointed to margin pressure from higher amortisation costs.

Bharti Airtel, Mahindra and Mahindra and Bajaj Finance also rose on Friday. InterGlobe Aviation, Reliance Industries, Asian Paints and Bharat Electronics were among the main fallers.

Why money moved into Indian IT

The week's buying came from two directions at once. Quarterly revenue from India's big software exporters came in stronger than investors had expected. At the same time, a global selloff in AI linked stocks pushed some investors toward Indian shares, Reuters reported. Indian IT firms have spent the year under questions about what AI does to the traditional outsourcing business. This week's results gave buyers a reason to come back.

The rupee closed up 0.1 percent at 94.96 per US dollar, from a previous close of 95.05. Brent crude fell 0.30 percent to 105.6 dollars a barrel. Asian markets also rebounded on Friday, with South Korea, Japan, Hong Kong and Shanghai all closing higher after a rough week.

What readers are asking

The search pattern on Friday was simple: Sensex close, Nifty close, and why IT stocks rose. The short answer is earnings. Tech Mahindra and Wipro both beat revenue expectations, the sector index is having its best week in 18 years, and the money that left AI heavy trades elsewhere in Asia found a home in Mumbai.

Sources