Benchmark equity indices Sensex and Nifty surged over 1 per cent to hit their fresh all-time highs on Friday, driven by a stellar rally in IT stocks after TCS and Infosys reported better-than-expected financial results.
Besides, a strengthening rupee and hectic buying on tech, realty and oil counters amid a mixed trend in global markets further bolstered sentiment, traders said.
The 30-share BSE Sensex zoomed 847.27 points or 1.18 per cent to settle at a new closing high of 72,568.45. During the day, it jumped 999.78 points or 1.39 per cent to reach a new intra-day record of 72,720.96.
A total of 2,112 stocks advanced, while 1,742 declined and 88 remained unchanged on the BSE.
The Nifty climbed 247.35 points or 1.14 per cent to settle at a lifetime closing high of 21,894.55. During the day, it rallied 281.05 points or 1.29 per cent to reach its fresh intra-day record peak of 21,928.25.
On a weekly basis, the BSE benchmark jumped 542.3 points or 0.75 per cent, and the Nifty climbed 183.75 points or 0.84 per cent.
"Indian markets soared to new heights in a powerful rally, driven by IT heavyweights. Green shoots of recovery in the IT sector on the back of an improved outlook for BFSI in FY25 positively influenced market sentiments. The robust performance of PSU banking stocks is underscored by the inherent synergy between their loan portfolios and the prevailing business cycle.
"Noteworthy is the fact that this upward surge remained resilient amid mixed global cues on account of higher-than-expected US inflation and positive job data, which tempered expectations for an imminent rate cut by the US Fed," said Vinod Nair, Head of Research, Geojit Financial Services.
Infosys jumped nearly 8 per cent after the company's December quarter earnings came in line with market expectations.
"Infosys reported broadly in-line performance for the quarter. The revenue growth was above estimates; while EBIT margin was in line with expectation," according to a report by YES Securities.