Sensex, Nifty extend gains for 2nd day: IT stocks lead rally, broader market underperforms

The equity benchmark indices ended higher for the second consecutive session on Friday , with the Sensex and Nifty closing near the day's high as buying in information technology stocks and select heavyweight shares supported the rally. The Nifty held above the 23,000 mark, although the broader market underperformed.
The Sensex gained 308.5 points, or 0.42%, to settle at 74,459.5, while the Nifty rose 116.3 points, or 0.51%, to close at 23,053. The Nifty IT index advanced for the second straight session, with Wipro and Infosys emerging as the top gainers on the Nifty.

IndiGo also gained over 4% to emerge as the benchmark's top gainer following a positive brokerage note. The Nifty Bank index declined 223 points to 54,687, while the Nifty Midcap index fell 540.4 points to 57,301. What Drove The Market Today?1. IT Stocks Extend GainsInformation technology stocks continued their upward move, with the Nifty IT index rising for the second consecutive session.
Wipro and Infosys were among the top Nifty gainers.2. Stock-Specific Buying In Q2 Result CountersNavin Fluorine gained over 5% following its second-quarter results. Laurus Labs advanced over 7%, while Borosil surged 20% on the back of its Q2 earnings.3.

IndiGo Rallies, Suzlon SlumpsIndiGo gained over 4% to lead the Nifty gainers after a positive brokerage note. On the other hand, Suzlon Energy declined nearly 8% following a guidance cut. Ather Energy extended its rally, gaining over 27% this week. Jio Platforms recovered during the session and ended with a gain of nearly 1%.
From the Sensex basket, Trent Ltd, InterGlobe Aviation Ltd, Infosys Ltd, NTPC Ltd, Max Healthcare Institute Ltd and HCL Technologies Ltd were the major gainers. Shriram Finance Ltd, Mahindra & Mahindra Ltd, Nestle India Ltd, Hindustan Aeronautics Ltd, UltraTech Cement Ltd and Jio Financial Services Ltd were the biggest laggards.

The broader market outperformed the benchmark indices following the sharp decline last week, with the Nifty Smallcap index gaining over 4%. Sectorally, pharma and realty stocks led the gains. The Nifty Pharma index surged over 7%, making it the best-performing sector during the week.
Among midcap stocks, Laurus Labs, Mankind Pharma, JSW Energy, Nykaa and Apar Industries were the top gainers. On the other hand, Suzlon Energy, Supreme Industries, AU Small Finance Bank, Mahindra & Mahindra Financial Services and Bharat Dynamics were among the biggest midcap losers.

Shriram Finance, Coal India, Tata Consultancy Services and HDFC Life Insurance were among the major laggards.