Nifty 50 hits all-time high. Why is Indian stock market gaining today – explained

Nifty 50 opened at 21,773.55 against the previous close of 21,647.20 and rose to its fresh record high of 21,848.20.

Sensex, on the other hand, opened at 72,148.07 against the previous close of 71,721.18 and rose about a per cent to its intraday high of 72,409.26. The Sensex hit its all-time high of 72,561.91 on January 1 this year.

Shares of IT majors, including Infosys, Tech Mahindra, Wipro, TCS and HCL Tech traded as the top gainers in the Sensex index.

Here are five key factors that appear to have led the Nifty 50 to its fresh all-time high:

1. Robust gains in IT stocks

Most IT stocks jumped to strong gains after the December quarter earnings of TCS and Infosys.

The Nifty IT index jumped over 5 per cent to hit its fresh 52-week high of 36,482.25 in morning trade. Shares of Infosys and TCS clocked robust gains after the December quarter earnings.

Infosys reported a consolidated net profit of ₹6,106 crore, which declined over 7 per cent from ₹6,586 crore in the year-ago period. Its consolidated revenue could just grow1.3 per cent to ₹38,821 crore versus ₹38,318 crore in the same period last year.

TCS reported consolidated revenue of ₹60,583 crore for the quarter ending in December, marking 4 per cent YoY growth. Sequentially, TCS saw a 1.5 per cent increase in revenue. In constant currency terms (CC), the revenue grew by 1.7 per cent YoY.

Also Read: TCS vs Infosys: 5 most important comparisons you should know

(More to come)

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Published: 12 Jan 2024, 11:09 AM IST