The equity markets traded higher on Friday, with benchmark indices staging a technical rebound after a sharp selloff pushed them into oversold territory and to multi-year lows in the previous session.
Sharpy buying in IT shares also added to positive sentiment.
The Nifty 50 rose 0.49% to 22,339.50, while the BSE Sensex added 0.46% to 71,906.22, as of 9:22 a.m. IST.
1) Buying in IT shares: IT index was up nearly 3%, while Tata Consultancy Services (TCS) shares jumped nearly 4 percent in early trade on Friday following the company's Q2 FY27 earnings announcement, leading a broad-based rally in IT stocks. The gains came despite fresh regulatory uncertainty stemming from the US government's decision to suspend several technology companies from its Permanent Labor Certification Program (PERM).
2) Technical rebound: The indices staged a technical rebound after a sharp selloff pushed them into oversold territory and to multi-year lows in the previous session.