TCS (+6.5%), HCL Tech (+4.9%), Infosys (+4.4%), Tech Mahindra (+3.6%) and Wipro (+2.3%) were the top gainers on Nifty50. Led by the sharp gains in these stocks, the BSE IT index gained 4.80 per cent to end at 13,335.13.
The Sensex fell 11.71 per cent to close at 34,415.6, while the Nifty50 index declined 1.25 points to finish the day at 10,564.
The benchmark Sensex of the Bombay Stock exchange shed over 75 points in early trade on Friday, in tandem with weak global cues amid rupee's plunge below the 66 mark. Intra-day, it shuttled between 10,527.45 and 10,582.35. Shares of the company ended 9.40 per cent higher at Rs 708.45 apiece on BSE. Also, the MPC indicated the Reserve Bank of India may shift to a hawkish monetary stance in June.
Meanwhile, Foreign Portfolio Investor sold shares worth Rs 624.99 crore on Thursday, a provisional data showed.
The Nifty IT index on Friday registered a lifetime high on weak rupee against the USA dollar and a robust growth guidance by Tata Consultancy Services.
The underlying sentiment in India, however, is positive and the earnings season will set the future trajectory for the markets, Mr Pattabiraman said. The shares of India's biggest IT company today surged almost 7 per cent after its fourth-quarter earnings beat market expectations.
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Laggards were Tata Steel, Asian Paint, ITC, SBI, Axis Bank, HDFC, Sun Pharma, Yes Bank, IndusInd Bank, Power Grid, Bajaj Auto, Hero MotoCorp, M&M and RIL, falling by up to 1.39 per cent.
Sector-wise, realty fell 1.07 per cent, bankex 1.04 per cent, power 0.98 per cent, PSU 0.88 per cent, capital goods 0.88 per cent, infrastructure 0.76 per cent, metal 0.65 per cent and oil and gas 0.64 per cent.
The S&P BSE Midcap index slipped 0.4%, and the S&P BSE Smallcap index was up 0.02%.
The broader markets depicted a mixed trend.