Indian markets rally with IT stocks following softer US jobs
Indian stock markets kicked off Friday with a solid rally, mainly thanks to booming IT stocks.
Sensex climbed 435.49 points to 77,937.61, and Nifty surged nearly 200 points to 24,375.65.
This upbeat mood was sparked by softer US jobs data, which eased worries about quick Fed rate hikes and lifted global investor confidence.
Indian IT stocks lead broader gains
IT companies were the stars of the show: HCLTech soared over 5%, while Tech Mahindra, TCS, and Infosys each gained over 2%.
The positive vibes spread across broader indexes like Nifty 500 and midcaps. Other sectors such as metals, financial services, FMCG, and realty also joined in the gains.
Asia gains as India VIX falls
Asian markets followed suit with strong gains; MSCI Asia-Pacific rose by 1.3% and Japan's Nikkei went up by 0.7%.
Meanwhile, India's VIX dropped more than 7%, showing less market volatility and a boost in global risk appetite.