![TCS, Infy power Sensex 100 points higher; Nifty above 24,350](https://img.etimg.com/thumb/msid-111676682,width-210,height-158,imgsize-8618,resizemode-75/tcs-infy-power-sensex-100-points-higher-nifty-above-24350.jpg)
The BSE Sensex was trading over 900 points higher at 80,797. The Nifty50 was up 236 points, surpassing the 24,550 level for the first time.
Shares of TCS, India's top IT services company, rose 4% after the firm reported a quarterly revenue beat on Thursday, despite warning about demand uncertainty. Tech Mahindra, Infosys, and HCL Tech also advanced 3% each.
Other top Sensex gainers included Axis Bank, IndusInd Bank, M&M, L&T, Tata Steel, Adani Ports, and SBI. Meanwhile, Maruti, Asian Paints, Sun Pharma, NTPC, and ITC were trading with cuts.
Oil India rose7% after Morgan Stanley raised the target price to a street-high of Rs 663, an implied upside of 20% over its last close, estimating the company's earnings will double over five years.
The broader, more domestically focussed small- and mid-caps rose 0.75% and 0.4%, respectively.
US-rate-sensitive IT stocks could also be buoyed by soft inflation data, which boosted bets of a Federal Reserve rate cut in September.
The odds of a 25 basis point cut rose to 85% after US consumer prices unexpectedly fell in June, compared to 70% a day before, according to CME FedWatch.
The report followed Fed Chair Jerome Powell's testimony to lawmakers earlier in the week where he said that "more good data" would build the case for interest rate cuts.
Meanwhile, India's retail inflation is expected to be close to 5% in June, in line with the Reserve Bank of India's expectations but still above the 4% target to start talking about lowering interest rates, central bank chief Shaktikanta Das told local media on Thursday. The data is due after the closing bell.
On the sectoral front, barring the Nifty Realty index, all sectoral indices traded in the green in early trade. Nifty IT rose 1.6%, while Nifty Media surged 1.3%. In the broader market, Nifty Midcap 100 gained 0.23%, and Nifty Smallcap 100 surged 0.6%.
Meanwhile, Jio Financial Services shares surged 2% after the company received approval from the country's central bank to convert from a non-banking financial firm to a core investment company.
Experts View
"The market which has been moving in a narrow range this week might react favourably to positive global and domestic cues. The positive global cue is the decline in inflation in the US by 0.1% in June triggering hopes of a rate cut by the Fed in September for which the market indicates a 90% probability. The positive domestic cue is the better than expected numbers from TCS and positive management commentary which can lift most IT stocks," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Deven Mehata, Research Analyst at Choice Broking, said, "Nifty can find support at 24,300 followed by 24,200 and 24,150. On the higher side, 24,400 can be an immediate resistance, followed by 24,450 and 24,500."
Global Markets
MSCI's broadest index of Asia-Pacific shares outside Japan was little changed, though was on track for a 1.6% increase for the week, helped by growing bets of imminent U.S. rate cuts.
Japan's Nikkei similarly fell 2.3%, dragged down by technology stocks.
S&P 500 futures were little changed, while Nasdaq futures fell 0.02% and EUROSTOXX 50 futures were flat.
FII/DII Tracker
The foreign institutional investors (FIIs) turned net sellers on July 11 as they sold equities worth Rs 1,137 crore, while domestic institutional investors bought equities worth Rs 1,676 crore.
MORE TO COME...
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(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price