The benchmark equity indices, the Sensex and Nifty, saw a remarkable increase in IT equities following the release of better-than-expected financial results by TCS and Infosys, which propelled the indexes to new all-time highs on Friday.
The 30-share BSE Sensex reached a record closing high of 72,568.45 after soaring 847.27 points, or 1.18 percent. It increased by 999.78 points, or 1.39 percent, during the course of the day to set a new intraday record of 72,720.96.
The Nifty touched a lifetime closing high of 21,894.55, up 247.35 points, or 1.14 percent. During the day, it gained 281.05 points or 1.29 per cent to reach its fresh intra-day record peak of 21,928.25. After the company’s December quarter earnings met market expectations, Infosys saw a nearly 8% increase in value.
Tata Consultancy Services surged by almost 4% following the release of the largest software exporter’s 8.2% net income growth report for the December quarter, which came from a massive increase in the domestic market that largely offset the effects of a 3% decline in the US market.
“IT majors led a strong rise that sent Indian stocks plunging to all-time highs. beneficial signals of the IT sector’s revival, coupled with an improved forecast for BFSI in FY25, had a beneficial impact on market sentiment. The strong returns on PSU banking stocks are emphasized by the natural alignment of their loan portfolios with the current business cycle.
Vinod Nair, Head of Research at Geojit Financial Services, stated, “Noteworthy is the fact that this upward surge remained resilient amid mixed global cues on account of higher-than-expected US inflation And hopeful job values, which reduced anticipation of a US Fed rate cut in the near future.”
Tokyo closed the Asian market higher, but Seoul, Shanghai, and Hong Kong closed lower.
The trade on European markets was positive. The US market closed on Thursday in a mostly optimistic mood.
According to exchange statistics, foreign institutional investors (FIIs) offloaded stocks on Thursday for a total of Rs 865 crore.
The benchmark for global oil, Brent crude, increased by 2.49 percent to USD 79.34 a barrel.
The BSE benchmark increased 63.47 points or 0.09 per cent to end at 71,721.18 on Thursday. To reach 21,647.20, the Nifty increased by 28.50 points, or 0.13 percent.