Indian shares pushed higher on Friday despite soft signals from global markets, with domestic earnings results capturing the bulk of investor attention.
The benchmark BSE Sensex climbed 625 points, or 0.8 percent, reaching 77,812 in early trading, while the broader NSE Nifty index gained 162 points, or 0.7 percent, to touch 24,235.
Investors are also watching an upcoming MSCI index rebalancing closely, which could add up to 12 stocks to the index and trigger roughly $2.3 billion in passive investment flows.
That prospect has added a layer of optimism to a market already buoyed by a string of quarterly earnings results from major Indian companies.
Jio Financial Services led the day’s gainers with a surge of 3.6 percent after its Q1 consolidated net profit soared 156 percent year-on-year, signaling strong momentum in the financial services sector.
Tech Mahindra also delivered a standout performance, rallying 2.7 percent after quarterly consolidated profit rose 28.4 percent year-on-year in a robust set of Q1 earnings.
Reliance Industries advanced 1.4 percent and JSW Steel added 0.7 percent ahead of their own Q1 earnings results, which were scheduled for release later in the session.
Not all results drew a positive response, with Wipro falling more than 2 percent after both its first quarter earnings and guidance for the September quarter came in below market expectations.
Ceat suffered the sharpest decline of the session, plummeting 8.4 percent after its Q1 profit slumped 96.4 percent year-on-year due to forex losses and rising input costs.
PhysicsWallah dropped 3.5 percent following news that the company had taken majority control of civil services coaching platform Sarrthi IAS, raising questions about near-term earnings dilution.
The mixed bag of corporate results reflects a broader trend in Indian markets this quarter, where strong financial sector performance is being offset by pressure on industrials and consumer-facing businesses.
Analysts are likely to watch whether the MSCI rebalancing flows can sustain momentum through the remainder of July, particularly if global risk sentiment remains cautious heading into the weekend.
