IT rally powers markets over 1%; Sensex, Nifty end week with marginal losses

Mumbai: Indian equity indices rose over 1% on Friday, led by information technology stocks after Tata Consultancy Services' June-quarter earnings met market expectations, easing concerns over a weak earnings season for the sector. The benchmark indices, however, ended the week marginally lower, snapping a four-week winning streak, as renewed tensions in West Asia earlier in the week kept investor optimism in check.

The NSE Nifty 50 rose 244.1 points, or 1%, to close at 24,206.9 on Friday, while the BSE Sensex gained 827.57 points, or 1.1%, to end at 77,569.39. Both indices ended the week nearly 0.3% lower. Brent crude futures traded above $76 a barrel on Friday evening after spiking to around $80 on Wednesday.