IT powers D-Street rally

The better-than-expected earnings of Tata Consultancy Services (TCS) gave a strong impetus to benchmark indices on Friday, which closed in the positive for the sixth consecutive week — their longest winning streak this year. Not surprisingly, information technology (IT) companies led the rally, with TCS soaring 6.6% and Tech Mahindra, Infosys, HCL Technologies and Wipro rising 3-5%. In all, 74% of the Nifty’s gains of the day came from the IT sector.