AGL 38.65 Increased By ▲ 0.09 (0.23%)
AIRLINK 213.00 Increased By ▲ 5.23 (2.52%)
BOP 10.05 Decreased By ▼ -0.01 (-0.1%)
CNERGY 6.59 Decreased By ▼ -0.49 (-6.92%)
DCL 9.70 Decreased By ▼ -0.29 (-2.9%)
DFML 40.35 Decreased By ▼ -0.79 (-1.92%)
DGKC 100.48 Decreased By ▼ -2.98 (-2.88%)
FCCL 35.99 Decreased By ▼ -0.36 (-0.99%)
FFBL 90.05 Decreased By ▼ -1.54 (-1.68%)
FFL 14.15 Decreased By ▼ -0.45 (-3.08%)
HUBC 136.19 Decreased By ▼ -3.24 (-2.32%)
HUMNL 14.00 Decreased By ▼ -0.10 (-0.71%)
KEL 5.83 Decreased By ▼ -0.14 (-2.35%)
KOSM 7.39 Decreased By ▼ -0.47 (-5.98%)
MLCF 46.43 Decreased By ▼ -0.85 (-1.8%)
NBP 66.38 Decreased By ▼ -7.38 (-10.01%)
OGDC 220.60 Decreased By ▼ -2.06 (-0.93%)
PAEL 38.43 Increased By ▲ 0.32 (0.84%)
PIBTL 8.87 Decreased By ▼ -0.40 (-4.31%)
PPL 202.35 Decreased By ▼ -3.50 (-1.7%)
PRL 39.47 Decreased By ▼ -0.38 (-0.95%)
PTC 26.10 Decreased By ▼ -0.52 (-1.95%)
SEARL 106.95 Decreased By ▼ -3.29 (-2.98%)
TELE 9.20 Decreased By ▼ -0.03 (-0.33%)
TOMCL 37.49 Decreased By ▼ -0.72 (-1.88%)
TPLP 13.75 Decreased By ▼ -0.02 (-0.15%)
TREET 25.95 Decreased By ▼ -0.50 (-1.89%)
TRG 59.10 Decreased By ▼ -1.44 (-2.38%)
UNITY 33.50 Decreased By ▼ -0.64 (-1.87%)
WTL 1.77 Decreased By ▼ -0.11 (-5.85%)
BR100 12,124 Decreased By -174.7 (-1.42%)
BR30 38,111 Decreased By -766.9 (-1.97%)
KSE100 112,921 Decreased By -1939.9 (-1.69%)
KSE30 35,549 Decreased By -646.7 (-1.79%)

BENGALURU: Indian IT stocks helped the benchmark indexes close higher on Friday, but not by enough to avoid a weekly loss after a three-session losing streak sparked by HDFC Bank’s disappointing results earlier in the week.

The blue-chip index NSE Nifty 50 closed 0.75% higher to 21,622.60 points, while the S&P BSE Sensex ended 0.7% up to 71,683.23. They lost 1.24% and 1.22%, respectively for the week.

The benchmarks tumbled nearly 3% from Tuesday to Thursday, mainly due to HDFC Bank’s slide following worries over its margins. Financial stocks slid 4.1% this week.

“Apart from banking, other sectors are still holding strong. So, I don’t see any reason that the market would witness any major correction,” said Ajit Mishra, senior vice president for research at Religare Broking.

On Friday, IT companies, which earn a significant share of their revenue from the United States, climbed after US labour data bolstered hopes of a soft landing for the economy, adding to the optimism after IT bellwethers flagged green shoots of demand recovery.

The IT index closed 0.92% higher for the day and 1.5% for the week.

“The buoyancy in the IT majors, when banking is on the back foot, seems to be giving some comfort,” Mishra said.

Comments

Comments are closed.