Sensex hits record high, Nifty crosses 22,000 as IT rally continues

The S&P BSE Sensex was up 618.05 points at 9:47 am, while the NSE Nifty50 was up 147.15 points to 22,041.70. In early trade, the 30-share Sensex hit an all-time high of 73,288.78, while the Nifty50 scaled to a high of 22,081.95.

Benchmark stock market indices hit fresh milestones on Monday as the S&P BSE Sensex rose to a fresh all-time high, while the NSE Nifty50 crossed the 22,000 mark for the first time.

The S&P BSE Sensex was up 618.05 points at 9:47 am, while the NSE Nifty50 was up 147.15 points to 22,041.70. In early trade, the 30-share Sensex hit an all-time high of 73,288.78, while the Nifty50 scaled to a high of 22,081.95.

Broader markets also gained sharply, in line with the benchmark market indices as the overall mood remains positive.

Among sectoral indices, the Nifty IT emerged as the top gainer as the index gained nearly 3 per cent, with all 10 constituents trading positively. Wipro shares gained over 10 per cent in early trade after its Q3 earnings came in better than expectations, but analysts remain cautious.

The top five gainers on the Nifty50 were Wipro, Tech Mahindra, HCLTech, Infosys and LTIM. On the other hand, the top losers were HDFC Life, Eicher Motors, Tata Consumer Products, Hindalco and Power Grid.

• We'd like two minutes of your time in order to understand you better. Please take this reader survey.

As mentioned earlier, the key driver behind today’s stock market rally seems to be the positivity among investors around Q3 results of IT companies. While all the companies have reported somewhat muted results, they have fared better than what analysts had expected in the seasonally-weak quarter.

This has led to positive commentary from the management of firms like TCS, Infosys, Wipro and HCLTech, driving confidence among investors.

Ahead of today’s market opening, Deven Mehata, said, “Indian markets have reached the all-time high levels on Friday and on today’s opening Nifty is set to cross 22,000 mark backed by the IT sector were WIPRO and HCLTECH presented better than expected results. Investors and traders should hold their long position with trailing stop losses.”

Meanwhile, Aditya Gaggar, Director of Progressive Shares, suggested that tech stocks have helped in driving the rally over the past few trading sessions. “Along with the sector, all the IT stocks have given a breakout from the bullish flag and pole formation which suggests a continuation of the underlying uptrend,” he said.

Published By:
Koustav Das
Published On:
Jan 15, 2024