The Indian stock market traded modestly higher on Friday with the S&P BSE Sensex gaining 165.48 points or 0.22% to 77,099.07 as of 12:44 PM, recovering from earlier intraday lows. The Nifty 50 index advanced 16 points or 0.07% to 24,106.85 against a previous close of 24,090.85. According to The Hindu BusinessLine, both indices slipped to fresh weekly lows intraday before recovering partially, reflecting persistent selling pressure at higher levels. Market participants remained focused on the upcoming speech by Kevin Warsh, who is set to deliver his first major address as Federal Reserve chair at the annual Kansas City Fed economic symposium in Jackson Hole, Wyoming. The markets are trading quietly with Sensex and Nifty in green as IT stocks rally on Nvidia's strong Q2 earnings. In the US, all three major indexes advanced with Nasdaq gaining 1.57% to 26,541.35, led by gains in software and cybersecurity stocks, while memory stocks underperformed the broader market. Global markets showed mixed performance with DJIA at 53,461.50, down 0.01%, S&P 500 at 7,716.70, up 0.53%, and Germany's DAX at 26,323.50, up 0.03%, while U.K.'s FTSE 100 at 10,816.75, down 0.56%.
Technology stocks emerged as the clear standout performers, gaining nearly 3% as a group on the back of Nvidia's blowout quarterly results that sent US semiconductor and AI-linked stocks sharply higher overnight. TCS led Nifty 50 gainers, surging over 4% to ₹2,334 against a previous close of ₹2,248.40. HCL Technologies advanced 2.85% to ₹1,318.60 from ₹1,282, Infosys gained 2.62% to ₹1,139.90 against ₹1,110.80, Tech Mahindra rose 2.50% to ₹1,624.70 from ₹1,585, and Wipro climbed 2.43% to ₹180.68 against a previous close of ₹176.40. As per The Hindu BusinessLine, Ponmudi R, CEO of Enrich Money, noted that the IT sector has emerged as a key outperformer, gaining nearly 3% on the back of a supportive global technology backdrop and renewed optimism around the AI theme following Nvidia's upbeat results and outlook. Indian IT stocks sat at the top spot in the Nifty 50 after chipmaker Nvidia reported better-than-expected second-quarter earnings and delivered a strong sales outlook, boosting expectations that spending on AI infrastructure will remain robust.
Nvidia's stellar earnings and strong fiscal 2028 guidance boosted AI investment sentiment, with the company's stock rising 8.74% post-earnings to $227.98. In the second quarter of fiscal 2027, Nvidia's revenue reached $96.22 billion, up 106% year-over-year and 18% quarter-over-quarter, accelerating for the fourth consecutive quarter. Data Center revenue accounted for $89.02 billion, up 117% year-over-year. The company provided full-year revenue guidance a full year in advance for the first time, forecasting fiscal 2028 revenue growth of about 70%, significantly above market expectations of around 45% prior to the earnings release. Among mega-cap tech stocks, Nvidia gained 8.74%, Broadcom rose 4.49%, Tesla advanced 2.60%, Microsoft added 1.72%, and Apple ticked up 0.36%, while Amazon fell 1.54%, Meta dropped 0.87%, and Google slipped 0.39%. The Philadelphia Semiconductor Index rose 2.33% to close at 11,882.17 points with 25 of its 30 constituents advancing. September Nasdaq 100 E-Mini futures are up +1.06% this morning as stellar results and guidance from Nvidia revived enthusiasm for the AI trade.
Tejas Networks emerged as a standout performer, rallying 13% after receiving a significant order win from Tata Consultancy Services. According to an exchange filing, the company has received a letter of intent on August 27, 2026, from TCS for supply of RAN equipment, accessories and installation materials for BSNL 4G mobile network for 18,685 sites, valued at ₹1,537 crore. Just Dial hit a 10% upper circuit in intra-day trade, with shares in focus ahead of the AGM on August 31. The company's founder VSS Mani had highlighted that "India's local discovery landscape is entering a new stage, shaped by conversational interfaces, AI-assisted interactions and wider digital participation across emerging markets. Justdial is well positioned for it." Ather Energy surged 7.3% to touch the day's high of ₹1,616 after Hero MotoCorp announced to increase its shareholding in the electric vehicle maker through an all-cash deal worth up to ₹1,758 crore. The sharp buying interest pushed Ather Energy's market capitalisation beyond ₹61,781 crore, extending the counter's monthly gains to over 30%.
The broader market segments showed mixed performance during the session. According to The Hindu BusinessLine, BSE market breadth was marginally positive with 2,154 stocks advancing and 1,906 declining out of 4,305 stocks traded. As many as 153 stocks hit 52-week highs during the session against 78 touching 52-week lows, while 175 stocks were locked in upper circuits and 171 in lower circuits. The NSE's India VIX, a gauge of market volatility expectations, shed 0.60% to 11. Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, noted that the advance-decline ratio on the Nifty stood at a weak 19:31, underscoring the narrow nature of the rally.
