Stock market recap: Indian equities recovered from early profit booking on Friday. The Sensex rose about 700 points from its intraday low. The gains were driven by a fourth straight session of buying in IT stocks, cooling bond yields, easing crude oil prices, and a rupee that strengthened for a fifth consecutive day.
The IT index jumped nearly 4% after Tech Mahindra's Q2 net profit rose 32.7% year on year to ₹1,585.6 crore, along with a dividend and a bonus issue. Wipro's revenue also beat estimates. In addition, a global selloff in AI-linked stocks pushed investors toward Indian software exporters, and the sector headed for its biggest weekly gain in 18 years.
Buy: FSN E-Commerce Ventures Limited (current price: ₹344)
The Nifty 50 opened higher on Friday but slipped below the 23,000 mark in early trade as investors booked some profits following Thursday's sharp rally. Buyers then stepped in after the index tested its intraday low.
It ended the session near the day's high. The index opened at 23,065.10, touched a high of 23,149.85, a low of 22,913.80, and closed at 23,146.15, up 148.80 points (0.65%). The day's bullish candle closed near its high and above the 21-day SMA (22,861), which points to a short-term base forming near the October lows.