Sensex Surges 622 Points; Nifty Tops 24
2024-07-09
3999
(fxcue news) - Indian shares rose notably on Friday as TCS delivered better-than-expected Q1 results and surprisingly soft U.S. inflation data bolstered hopes for two Federal Reserve rate cuts this year.
The benchmark S&P/BSE Sensex surged nearly 1,000 points intraday to hit a record high of 80,893 before finishing up 622 points, or 0.78 percent, at 80,519.
The broader NSE Nifty index closed at 24,502, up 186 points, or 0.77 percent, from its previous close ahead of the release of retail inflation data and industrial output data.
The mid-cap and small-cap indexes on the BSE ended down 0.2 percent and 0.1 percent, respectively.
Tata Consultancy Services, India's largest IT services company, soared 6.6 percent after surpassing revenue estimates for the June quarter.
Peers Tech Mahindra, Infosys, HCL Technologies and Wipro rallied 3-5 percent.
Oil India surged nearly 8 percent after Morgan Stanley said the company's dividend distribution policy and earnings are set to double in 2029.
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