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Indian shares rose on Friday, led by IT stocks after Tata Consultancy Services reported quarterly revenue above estimates, while easing oil prices also supported sentiment.
The benchmark Nifty 50 (.NSEI) rose 1.01% to 24,205.2, while the BSE Sensex (.BSESN) climbed 1.05% to 77,536.06 by 9:42 a.m. IST.
IT index (.NIFTYIT) gained 2.1%, led by a 2.2% rise in Tata Consultancy Services (TCS.NS) after the country's top software services exporter beat June-quarter revenue expectations, helped by stronger spending from banking clients and a weaker rupee.
"Revenue growth of TCS was better than feared, particularly after weak results from Accenture," said Sumeet Jain and Mridul Goenka, analysts at CLSA, building in "better sequential growth in the ongoing September quarter due to improvement macro expectations."
Fourteen of the 16 major sectors logged gains. The broader small-caps (.NIFSMCP100) and mid-caps (.NIFMDCP100) rose 1.3% and 0.9%, respectively.
Brent crude rose marginally to $76.6 a barrel after falling 2.2% in the previous session.
The latest Middle East flare-up has kept investors cautious, though sentiment improved after a U.S. official said on Thursday that Washington remained committed to a resolution with Iran and that technical talks were continuing.
"The continuation of U.S.-Iran talks despite the recent exchange of military strikes eases concerns over a broader escalation in the Middle East supporting market sentiment," said Ponmudi R, CEO of Enrich Money.
"For Nifty, the immediate resistance is at 24,100-24,200 levels and any sustained breakout above this band could support the recovery towards the 24,400 levels," Ponmudi said.
Among stocks, drugmaker Dr. Reddy's (REDY.NS) fell 2.3%, extending the previous session's 5.9% slide, after saying generic semaglutide supplies would remain unavailable in India and disrupted in Canada, at least until late October due to API impurities.
Dixon Technologies (DIXO.NS) gained 3% after it said the Indian government had approved its joint venture with Chinese smartphone maker Vivo Mobile, clearing the way for the companies to set up a smartphone manufacturing company in India.
