BENGALURU: The Indian benchmarks jumped to record closing highs on Friday as IT stocks joined an over month-long record-breaking rally after market-leader Tata Consultancy Services’s results signalled early signs of recovery in the sector.
The NSE Nifty 50 advanced 0.77% to 24,502.15, while the S&P BSE Sensex added 0.78% to end at 80,519.34 on the day. They rose 0.7% this week, which was their sixth straight week of gains. The rally started in early June as the national elections ensured policy continuity and due to strong economic growth prospects, record-high inflows from mutual funds and the return of foreign investors.
The Nifty has surged around 9% in that period, hitting all-time highs numerous times and taking its gains for the year to about 13%, outperforming other emerging markets and even most major stock markets.
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