Sensex soars 965 pts as Q1 results lift mood on Dalaal-Street

MUMBAI: Benchmark indices ended higher on Friday, with the sensex climbing 965 points and Nifty reaching the 24,330 level, propelled by buying in blue-chip Reliance Industries, bank and IT stocks.Additionally, a strengthening rupee against the US dollar improved sentiment, even as the broader market remained predominantly negative due to weak global cues, traders said.“There is a shift in market momentum, with strong traction moving towards large-cap stocks, led by the IT and banking sectors. This is supported by optimism around business updates and Q1 earnings expectations,” Vinod Nair of Geojit Investments, said. The trend appears to be driven largely by domestic institutional investors rotating out of expensive mid and small-cap stocks and into more attractively valued large caps that offer a better risk-reward profile, he added.From the sensex pack, Tech Mahindra jumped 3.9% after it reported a 28.4% rise in net profit for the June quarter to Rs 1,465 crore, and expressed confidence about the demand environment.Kotak Mahindra Bank, Tata Consultancy Services, Reliance Industries, Hindustan Unilever, Mahindra & Mahindra, Axis Bank, ICICI Bank and Bajaj Finance were also among the winners. Sun Pharma, Trent, Bharti Airtel and UltraTech Cement were among the laggards. Commodities, Industrials, Telecommunication and Metal were the laggards. Brent crude climbed 1.79% to $85.5 per barrel. The rupee, meanwhile14 paise to settle at 96.3 against the US dollar. “Indian equity markets ended the week on a strong note, extending their recovery as broad-based buying in heavyweight banking, financial, and IT stocks helped benchmark indices outperform weak global cues ,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said. Agencies