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Mumbai, Benchmark stock indices Sensex and Nifty edged lower in a volatile trade on Friday, reversing early gains due to selling in IT and select banking shares.

Accenture emerged as the top recruiter in the final placements for the PGP Class of 2024 at IIM Ahmedabad, with 26 offers. BCG followed closely with 23 offers. Goldman Sachs led among investment banks with nine offers, while Adani made the highest number of offers in the general management domain. The placement season saw a decline in management consulting offers but an increase in niche consulting and conglomerate hiring. TCS and PwC were prominent recruiters as well.

Indian equity indices traded lower due to declines in HDFC Bank and Reliance Industries. Asian Paints, Bharti Airtel, Power Grid, Bajaj Finserv tradec with cuts. Axis Bank, HCL Tech, L&T, TCS, Wipro, Maruti gained.

Nifty IT surged nearly 2%, led by HCL Tech, TCS, and Tech Mahindra despite the minutes of the Federal Reserve's latest policy meeting indicating most policymakers were concerned about the risk of cutting rates too soon. The market capitalisation of all listed companies on BSE increased by Rs 3.26 lakh crore to Rs 392.13 lakh crore.

India's technology outsourcing industry is optimistic about revenue expansion in 2024. Tata Consultancy Services and Tech Mahindra CEOs expect growth from deal renewals, vendor consolidation, and transformation projects. The IT industry is projected to reach $253.9 billion in fiscal 2024.