Sensex rose 331 points on an IT rally
Nifty closed at 24,176. Nvidia's results helped the mood. The week still ended down.
The Sensex rose 331 points to 77,265. The Nifty rose 85 points to 24,176. That snapped a two-day losing streak.
Blue-chip IT names led the buying. Nvidia's strong earnings and outlook helped the mood. One analyst put Nifty IT up 3.5 percent on the day.
The week still ended as a loss. It was the third weekly loss. Other reports had the Sensex down 0.36 percent for the week, and the Nifty down 0.31 percent.
Investors awaited remarks from the Federal Reserve Chair at Jackson Hole.
A Friday bounce can look like a turn. The weekly print still shows a loss.
IT buying followed a global cue. Nvidia's results and outlook set the mood. Indian IT stocks moved with that. One analyst's 3.5 percent on Nifty IT is the size of the day's sector move.
The two-day slide stopped. The week still closed down. Three weekly losses in a row is the score that still sits on the board. Other reports had the Sensex down 0.36 percent for the week. They had the Nifty down 0.31 percent. Those are small weekly prints. They are still losses.
The Jackson Hole wait sat over the session. A Fed Chair speech can move the next open. It cannot rewrite the week that just closed.
The next session will show whether the IT rally holds once the Jackson Hole remarks are in. The weekly loss is already booked.