NIFTY50 jumps 300 points, SENSEX reclaims 80,000 mark led by IT stocks

The Indian equity benchmark indices opened the final trading session of the week on a positive note. A profit booking at higher levels was observed which led to a pullback from day high levels on the NIFTY50 and SENSEX. However, NIFTY50 and SENSEX have rallied back to day high to trade more than 1% higher on Friday's mid market session. The index currently trading with gains of 300 points at 24,430, while the SENSEX is up by 960 points at 80,000.

The Nifty Bank, after underperforming the frontline indices in the previous trading session is seen outperforming, it is trading up by 1% above the 50,200 level. The India VIX has slipped below the 15-mark, down by about 4%.

Among the NIFTY50 index constituents, 46 stocks advanced while only 4 stocks declined. ICICI Bank (+1.58%), Infosys (+1.39%), TCS (+2.08%), and M&M (+2.50%) were the top contributors. On the other hand, Sun Pharma (-0.41%) and HDFC Life (-0.93%) were among the major laggards weighing on the index.

On the sectoral front, all indices were trading in green, barring Nifty Pharma, which was down by a mere 0.07%. The top three performing sectors were Nifty IT (+2.1%), Nifty Realty (+1.84%), and Nifty Media (+1.61%).

Notably, the Nifty IT index has gained the most in the last 14 trading sessions, reaching a fresh 8-day high, with all its constituents in the green. The broader markets outperformed, with the Nifty Midcap 100 and Nifty Midcap 100 indices both surging by 1.29% and 1.41%, respectively.

Market breadth was extremely strong, with 1,670 stocks advancing against 616 declining stocks.