IT stocks boost Indian shares to 5-month high

Indian shares advanced on Friday, with the Nifty 50 rising to a five-month high, led by information technology (IT) stocks and a jump in Reliance Industries, the country’s biggest company by market capitalisation.

The blue-chip Nifty 50 (.NSEI) index closed 0.97% at 18,499.35, while the benchmark S&P BSE Sensex (.BSESN) rose 1.02% to 62,501.69.

Both the Nifty and Sensex logged weekly gains of over 1% and jumped to their highest levels since December 2022, reported Reuters.

All 13 major sectoral indexes advanced, with the high-weightage IT (.NIFTYIT) rising nearly 1.5% and all 10 constituents logging gains. HCLTech Ltd (HCLT.NS) and Wipro Ltd (WIPR.NS) were among the top Nifty 50 gainers.

IT stocks received a boost after a sharp overnight rise in the tech-heavy Nasdaq (.IXIC), fuelled by strong earnings of chip-maker Nvidia(NVDA.O).