India’s BSE Sensex climbed 0.6% to 78,001 on Friday, advancing for a third consecutive session and marking its highest close since April 22. Sentiment was supported by fading expectations of an imminent US Federal Reserve rate hike and a pullback in crude oil prices.
Information technology stocks led the rally, boosted by the prospect of lower US borrowing costs after softer-than-expected US employment data. Zensar and HCL Tech gained 5.8% and 4.2%, respectively, while TCS, Persistent, Wipro, Eternal and Coforge added between 1.2% and 2.5%.
Investors also focused on quarterly business updates. Bajaj Finance reported a 20% rise in new loans and a 24% increase in assets under management. Punjab National Bank posted an 11.7% growth in domestic advances, and Avenue Supermarts recorded a 15.1% increase in revenue. FMCG major Marico said it expects first-quarter revenue growth to exceed 20%, citing robust demand trends.
