The domestic equity benchmarks ended with significant gains on Friday. The Nifty closed near the 24,500 mark. IT, media and oil & gas stocks advanced while realty, consumer durables and PSU bank shares declined.

As per provisional closing, the barometer index, the S&P BSE Sensex, was up 622 points or 0.78% to 80,519.34. The Nifty 50 index gained 186.20 points or 0.77% to 24,502.15.

The Sensex and Nifty clocked an all-time high of 80,893.51 and 24,592.20 respectively in mid-morning trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.10% and the S&P BSE Small-Cap index declined 0.22%. The S&P BSE Mid-Cap index hit an all-time high at 47,858.24.

The market breadth was negative. On the BSE, 1,705 shares rose and 2,227 shares fell. A total of 104 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.92% to 13.73.

Buzzing Index:

The Nifty IT index jumped 4.53% to 39,023. The index added 3.77% in two trading sessions.

Tata Consultancy Services (up 6.54%), Wipro (up 4.68%), Mphasis (up 4.64%) and Persistent Systems (up 3.87%), Infosys (up 3.47%), HCL Technologies (up 3.32%), Tech Mahindra (up 3.07%), LTIMindtree (up 2.93%) and L&T Technology Services (up 2.16%) edged higher.

Tata Consultancy Services jumped 6.54%. The IT major's consolidated net profit declined 3.17% to Rs 12,040 crore in Q1 FY25 as against Rs 12,434 crore reported in Q4 FY24. revenue from operations grew by 2.25% quarter on quarter (QoQ) to Rs 62,613 crore in Q1 FY25.

Stocks in Spotlight:

Zee Entertainment Enterprises (ZEEL) climbed 5.91% after the company informed that its board is scheduled to meet on Tuesday, 16 July 2024, to approve the raising of the funds through the issuance of appropriate instruments.

Anand Rathi Wealth slipped 3.93%. The company reported 38% increase in consolidated net profit to Rs 73.4 crore in Q1 FY25 as compared with Rs 53.2 crore in Q1 FY24. Total Income jumped 38% to Rs 245.4 crore in the quarter ended 31 June 2024 as compared with Rs 178.4 crore posted in the corresponding quarter last year.

Jio Financial Services (JFSL) rose 0.82%. The company received an approval from Reserve Bank of India to convert into core investment company (CIC) from non-banking financial company (NBFC).

Mahindra & Mahindra rose 0.14%. The company said that its total production rose 7.73% to 69,045 units in the month of June 2024 as compared with 64,092 units produced in the same period last year.

LT Foods added 1.78% after the company announced that its step-down subsidiary LT Foods UK has commenced operations of its new facility in the United Kingdom (U.K.).

Oriental Rail Infrastructure was locked in an upper circuit of 5% after the company’s wholly-owned subsidiary, Oriental Foundry bagged an order worth Rs 432.15 crore from the Indian Railways.

Prestige Estates Projects shed 0.43%. The real estate developer informed that its sales stood at Rs 3,029.5 crore in Q1 FY25, registering a de-growth of 22.61% on YoY basis.

AVG Logistics jumped 4.03% after the company announced that it has been awarded the tender as the authorized partner for express parcel services by Uttar Pradesh State Road Transport Corporation (UPSRTC).

Global Markets:

European stocks advanced on Friday, as global investors await the U.S. producer price index.

Asian stocks traded mixed, with technology-heavy indexes plunging as investors cashed in on recent gains.

Regional markets largely mirrored the previous day's sell-off on Wall Street, where heavyweight technology stocks, especially chipmakers and AI-related companies, faced significant profit-taking pressure. The Nasdaq Composite index plummeted nearly 2%.

The decline in equities coincided with softer-than-expected US consumer price index data for June, which fueled expectations of potential Federal Reserve interest rate cuts as early as September. Investors shifted their focus to economically sensitive sectors poised to benefit from lower borrowing costs.

While the Dow Jones Industrial Average edged up 0.1%, the broad-based S&P 500 fell 0.9%. The tech-heavy Nasdaq Composite Index ended a seven-day winning streak with a 2% drop.

US Consumer Price Index (CPI) rose 3% year-over-year, down from 3.3% in May. The annual core CPI, excluding volatile food and energy prices, increased by 3.3%, slowing from the previous month's 3.4%. On a monthly basis, overall CPI dipped 0.1%, while core CPI edged up 0.1%.