Indian shares experienced a significant rally in early trading on Friday following the release of U.S. weekly jobless claims data, which came in below expectations and bolstered investor confidence in the U.S. economy.
The benchmark S&P/BSE Sensex surged by 830 points, or 1.1%, reaching 79,715. Similarly, the broader NSE Nifty index climbed 240 points, or 1%, to stand at 24,358.
Among the notable performers, Eicher Motors saw a substantial gain of 4.2% after reporting a 20% increase in its Q1 net profit. Tata Motors, Grasim, Mahindra & Mahindra, and ONGC also witnessed gains of 2-3%.
Life Insurance Corporation (LIC) rose by 1%, fueled by a 9% growth in its quarterly net profit.
ABB India posted an impressive rally of 3.4% following a 50% year-on-year jump in quarterly profit. Despite a 50% drop in Q1 consolidated net profit due to lower revenue, Sobha recorded a gain of 2.3%.
Vedanta advanced 1.2% amid reports suggesting that the company has put plans to sell its steel business on hold.
Conversely, SAIL fell by 1.5%, and Rail Vikas Nigam tumbled 3.6% after both companies posted disappointing quarterly results.
IRCON International also saw a decline of 1.1% as it reported lower revenue in the first quarter.
