Markets rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%

Mumbai: Equity benchmark indices climbed in early trade on Friday, extending their rally for the sixth day running, on heavy buying in Tech Mahindra and firm trends in Asian markets.

The 30-share BSE Sensex climbed 176.47 points to 74,515.91 in early trade. The NSE Nifty went up by 50.05 points to 22,620.40.

From the Sensex basket, Tech Mahindra jumped over 12.50 per cent after the IT services company's CEO outlined an ambitious three-year roadmap to accelerate revenue growth and lift margins.

Tech Mahindra CEO Mohit Joshi said the company hopes to come back to growth in H2 FY25.

Tata Steel, Wipro, JSW Steel, HCL Technologies, HDFC Bank and ITC were among the other major gainers.

Bajaj Finance, Bajaj Finserv, Mahindra & Mahindra and Nestle were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the positive territory.

Wall Street ended lower on Thursday.

Global oil benchmark Brent crude climbed 0.33 per cent to USD 89.30 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,823.33 crore on Thursday, according to exchange data.

The BSE benchmark climbed 486.50 points or 0.66 per cent to settle at 74,339.44 on Thursday. The NSE Nifty advanced 167.95 points or 0.75 per cent to 22,570.35.