IT stocks power tired markets to new highs; Sensex, Nifty gain over 1%

BSE IT index soars over 5%; analysts warn caution ahead

Just as the equity market seemed to be running out of steam, a sudden shift in investor sentiment towards information technology (IT) stocks sent it soaring to new heights on Friday. 

The Sensex leaped 847 points, or 1.2 per cent, to close at 72,569, while the Nifty50 surged 247 points, or 1.1 per cent, to finish at 21,895. The two benchmark indices climbed fresh peaks on both intraday and closing bases.

The Sensex and the Nifty50 rose 0.8 per cent each this week. They were in the red last week. 

On Friday, the BSE IT index rose 5.1 per cent