IT stocks, Reliance boost Indian shares to five-month high

Indian stocks rose on Friday, with Nifty 50 Rising to a five-month high, led by IT stocks and a jump in Reliance Industriesthe country’s largest company by market capitalization.

The excellent Nifty 50 index closed down 0.97 percent at 18,499.35, while the benchmark closed S&P BSE Sensex It rose by 1.02 percent to 62,501.69 points.

Nifty and Sensex both posted weekly gains of more than 1 percent, jumping to their highest levels since December 2022.

All 13 of the major sectoral indices advanced, with heavyweight IT up nearly 1.5 percent and all 10 components notching gains. HCLTech Ltd And Wipro Ltd She was among the top 50 gainers on Nifty.

Information technology stocks got a boost after a sharp rally overnight on the high-tech Nasdaq stock exchange, buoyed by strong earnings from chip maker Nvidia.

progress in US debt ceiling talks Ahead of the June 1 deadline, sentiment in global markets also supported.

Among individual stocks, Reliance Industries Ltd jumped nearly 3 percent after global broker Bernstein estimated that its units Reliance Retail and Reliance Jio will claim the lion’s share of India’s e-commerce market of over $150 billion in the long run.

Filesadmin.co Entertainment Enterprises Ltd It jumped nearly 7 percent after the National Corporate Law Appeals Tribunal (NCLAT) overturned an earlier order by the National Corporate Law Tribunal (NCLT) to merge with Sony, a lawyer source familiar with the proceedings told Reuters.

Separately, Christopher Wood, global head of equity strategy at Jefferies, said in a newsletter that “there is no clear driver for a downgrade in valuation in Indian markets as the monetary tightening cycle ends.”

Wood said it is only a matter of time before the Sensex touches 1,00,000 and remained bullish on India’s capex cycle.