Sensex, Nifty rally in early trade led by IT stocks

Mumbai: Benchmark indices rose sharply in early trade on Friday, propelled by buying in IT stocks after strong earnings from Tech Mahindra.

The 30-share BSE Sensex jumped 480.95 points to 77,656.56 in early deals. The 50-share NSE Nifty climbed 125.05 points to 24,201.

The rally comes after a subdued close in the previous session. Sentiment got a boost as Tech Mahindra reported a 28.4% rise in consolidated net profit for the June quarter at ₹1,465 crore. The IT major also expressed confidence about the demand environment. Tech Mahindra shares gained nearly 3% in early trade.

From the Sensex pack, Infosys, Tata Consultancy Services, HCL Tech, Mahindra & Mahindra and Reliance Industries were among the top gainers.

On the other hand, Sun Pharma, Bharti Airtel, Trent and UltraTech Cement were among the laggards.

Market participants said the uptick in IT names is driving the broader market higher in early trade.