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Sensex, Nifty Rise As Tech Stocks Rally

Indian shares opened on a positive note Friday, mirroring firm global cues on optimistic retail earnings outlook.

The benchmark S&P BSE Sensex rose 490 points, or 0.9 percent, to 54,741, while the broader NSE Nifty index was up 118 points, or 0.7 percent, at 16,287.

IT stocks led the surge, with Wipro, Infosys, HCL Technologies and Tech Mahindra climbing 2-3 percent.

Aditya Birla group company Hindalco gained nearly 2 percent after its Q4 consolidated net profit doubled year-on-year.

Bharti Airtel rose 0.6 percent as Moody's upgraded ratings on the company's senior unsecured debt.

PSU stocks were moving lower, with ONGC losing as much as 4.5 percent while Power Grid Corp and NTPC fell around 1 percent each.

BPCL slipped half a percent on news the Centre has called off the privatization process of the company for now.

Jet Airways plunged 5 percent after it reported a standalone net loss of Rs 233.63 crore for the March quarter.

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