Indian Shares Rally as Strong Earnings Lift Technology Stocks

Indian equities closed sharply higher, with the benchmark S&P BSE Sensex gaining about 1.2% to around 77,655 and the NSE Nifty 50 rising roughly 1.1% to near 24,250, as strong corporate earnings and a rebound in technology shares lifted investor sentiment. Technology and software companies led the advance, with buyers taking advantage of lower valuations after a recent sell-off in the sector that had tracked weakness in North American software peers amid concerns that improving artificial intelligence tools could reduce demand for traditional software. The rally came during one of the busiest stretches of the June-quarter earnings season, with most companies reporting results that beat expectations even as rising input costs tested margins. Broader market breadth was positive, and banking stocks also gained. Sentiment was supported by resilient domestic demand, though higher crude oil prices linked to renewed Middle East tensions and a firmer rupee were also in focus. Investors were bracing for another heavy day of results, with several large companies across autos, steel, pharmaceuticals and financials due to report, keeping earnings the dominant driver of near-term market direction.