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"IT stocks rallied higher as the US interest rate cuts going ahead could lead to a better growth outlook for the Indian IT companies," said Ruchit Jain, lead research analyst at 5Paisa.com. "This sector has also relatively underperformed the market in the recent past and thus, we could see a fresh buying interest in stocks within this sector."

In contrast, the Sensex completed the journey from 50,000 to 60,000 in 158 sessions. More importantly, the latest 10,000-point Sensex rally was purely driven by domestic money.

Investment advisors said fixed income must not be compared with equities or gold but must be used as part of asset allocation to temper the portfolio volatility emanating from riskier asset classes.

On Thursday, the rupee closed at 83.3275 per US dollar, just 0.09% stronger than 83.4025/$1 at previous close. Meanwhile, currencies such as the Thai baht and the South Korean won notched up gains of around 2% versus the US dollar on Thursday while the Indonesian rupiah strengthened 1%, Bloomberg data showed.

Once the RBI feels comfortable that now the Fed will keep easing for a while, it will allow them to go easier. When that happens is a much tougher question.

The company has appointed Vivek Anand as Chief Financial Officer (CFO) and Rachna Kumar as the Chief Human Resources Officer (CHRO). Vivek and Rachna will report to the CEO.

Sensex rose 929.60 points, or 1.34%, to close at 70,514.20. Nifty gained 256.35 points, or 1.23%, to end at 21,182.70.

In the second quarter, the Bengaluru-based company reported a 3% growth in consolidated net profit at Rs 6,212 crore. Consolidated revenue grew nearly 7% YoY to Rs 38,994 crore. In an unexpected move, the software major tweaked its guidance for FY24 in the September quarter. It now sees revenue growing 1-2.5% in constant currency terms in FY24, compared to its earlier estimate of 1-3.5%.

The floor price set for the sale is Rs 490, a discount of 8% to the current market price. On Thursday, shares of the company ended 5.6% higher on the National Stock Exchange at Rs 531.80. The offer size is around Rs 515-833 crore, with 90 days of lock-in, and IIFL Securities is the broker to the deal, ETNow reported.