- Sensex recovers 300+ points, banking index gains 1%.
- Bitcoin rises above $67,800; Dogecoin jumps over 10%.
- Mixed IT results with TCS lagging, HCL Tech outperforming.
The Indian stock market rebounded on Friday after an early slump, with Sensex gaining over 300 points, and Nifty 50 trading above 24,850.
The recovery was primarily driven by banking stocks, which surged 1%, and support from Reliance. The market saw a broad-based rally across most sectors except FMCG, IT, and oil & gas.
Cryptocurrency Surge and Market Recovery: Banking Gains, IT Sector Struggles
Cryptocurrency markets also experienced a notable rise, with Bitcoin crossing $67,800 and Dogecoin jumping by 10%. Other cryptocurrencies like Ethereum and Solana followed suit, contributing to a global market cap increase of 0.9%. Meanwhile, the IT sector faced mixed results in Q2 FY25 earnings, with TCS underperforming, while HCL Tech posted strong growth.
In contrast, the cryptocurrency market saw a surge, with Bitcoin reaching $67,869 and Dogecoin gaining 10.6%. These gains fueled optimism across the broader crypto space, with Ethereum and Solana also performing well. The rise in crypto markets coincided with a 0.9% increase in the global market cap to $2.33 trillion, driven by increased investor confidence.
Hyundai Motor India’s IPO is set for a negative debut with shares trading 3% below the issue price. Despite strong demand in the initial public offering, the current grey market premium (GMP) indicates that the stock is likely to underperform upon listing.
IT sector results remain a focal point. While Wipro, HCL Tech, and Infosys delivered strong earnings, TCS lagged due to margin contraction. HCL Tech outperformed expectations with an 11% YoY profit rise, benefiting from key deals in telecommunications and media. On the other hand, discretionary spending cuts and weaker demand put pressure on TCS.
Overall, while the stock market rebounded and cryptocurrencies surged, the IT sector faced mixed outcomes. Investors will continue to monitor sector-specific trends, particularly in banking and technology, as well as cryptocurrency market movements.
“The recovery of the banking sector and the rise in cryptocurrency reflect investor confidence amidst broader market volatility.”
