Sensex and Nifty settled over 1 per cent higher on Friday, led by gains in information technology stocks, as strong the US retail earnings outlook and waning concerns about overly aggressive interest rate hikes by central banks lifted sentiment globally.

The NSE Nifty 50 index settled up 1.13 per cent or 182.30 points at 16,352.45 and posted a 0.6 per cent gain for the week, while the S&P BSE Sensex closed 1.17 per cent or 632.13 points higher at 54,884.66 and added 1.1 per cent this week.

Most major Nifty sub-indexes also ended higher, buoyed by a 2.54 per cent rise in IT stocks. Pandemic-favourite technology stocks have recently come under pressure, with the Nifty sub-index falling nearly 10 per cent so far in May, in its eighth straight weekly loss.

Soaring inflation, supply-chain issues and the hit from the Ukraine war will bring an end to the growth boom India’s IT services industry enjoyed during the pandemic, J.P.Morgan analysts had warned earlier this month.

Global stocks rose, with the MSCI world equities index gaining 0.38 on a more upbeat earnings view.

In India, aluminium and copper manufacturer Hindalco Industries rose as much 4.7 per cent, after its March-quarter profit after tax doubled from a year earlier.

Solid waste collecting firm Antony Waste Handling Cell soared 20 per cent to a five-week high after it posted higher March-quarter profit.

Logistics firm Dehlivery settled up 8.35 per cent after it said it had been granted a US patent for its proprietary technology product.

Among the few losers, Nifty’s energy sub-index closed down 0.97 per cent, dragged lower by a 5.6 per cent drop in natural gas explorer and producer Gail Ltd after it reported March quarter results.