IT stocks sparkle: Nifty IT Index gains 1.7% ahead of Q2 results | News on Markets

The surge came after US unemployment data on Thursday  showed that Americans filing new applications for unemployment benefits rose marginally last week. Hurricane Helene and strikes at ports could distort the labour market in the near term, according to a Reuters report.

Investors now await the US jobs report for September, to be released later today, which is expected to be a key driver for the outlook on US interest rates. Earlier in September this year, US Federal Reserve chair Jerome Powell cut the benchmark interest rate by 50 basis points, marking the first rate cut by the US Fed since 2020.

Meanwhile, the benchmark equity indices, NSE Nifty50 and BSE Sensex, showed a strong recovery on Friday. The Nifty50 jumped 1.37 per cent from the day’s low of 25,094.55 to trade at 25,438.50, up around 0.75 per cent from the previous close of Rs 25,250.10.

Similarly, the BSE Sensex was trading at 83,287.46, up around 0.96 per cent from its previous close of Rs 82,497.10. The index traded in the range of 82,051.86 to 83,326.65 so far today.

First Published: Oct 04 2024 | 12:48 PM IST