Stock Market Rally: IT Stocks Propel Sensex and Nifty, TCS and Infosys Lead Surge.

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In a bullish trading session, the S&P BSE Sensex concluded with a notable gain of 306.55 points, reaching a closing figure of 65,982.48. Simultaneously, the NSE Nifty 50 exhibited positive momentum, closing 89.75 points higher at 19,765.20. The upward trend was fueled by robust market activity, reflecting a positive sentiment among investors.

Sensex
Bombay Stock Exchange. (File Photo: IANS)

Closing Thursday’s trading session, benchmark indices witnessed a robust rebound, driven by substantial gains in Information Technology (IT) and power stocks. The S&P BSE Sensex concluded 306.55 points higher at 65,982.48, while the NSE Nifty 50 settled 89.75 points up at 19,765.20.

Broad market indices mirrored this positive trend, aligning with the benchmarks’ sentiments. Notably, Nifty IT stole the spotlight, closing with a remarkable 2.69% surge. Every constituent of the Nifty IT index, including LTIM, TCS, Infosys, Tech Mahindra, and HCL Tech, contributed to this impressive uptick, each registering a gain of at least 2%.

Top Performers and Underperformers on Nifty 50: Hero MotoCorp, Tech Mahindra, HCL Tech, TCS, and Infosys Lead Gainers, While Axis Bank, Coal India, Adani Enterprises, Tata Consumer Products, and ICICI Bank Face Losses.

In the past two sessions, a notable surge of 5.3% in IT stocks has been observed, driven by optimistic signals from US economic data hinting at potential interest rate cuts by the US Federal Reserve. This surge is particularly significant for domestic IT stocks, given their substantial client base in the United States. Aditya Gaggar, Director of Progressive Shares, highlighted the dominance of tech stocks in today’s trade, providing the Index with momentum.

However, in the final hour of trading, the Index relinquished half of its gains, settling at 19,765.20 with an increase of 89.75 points. Apart from the IT sector, the Realty and Pharma sectors exhibited noteworthy outperformance, each gaining almost 1%.

Despite the Nifty 50 displaying a robust bullish candle on the daily chart, concerns arise regarding potential profit-booking activity that may exert downward pressure on the Index. Adhering to technical analysis, a resistance level of 19,850 is anticipated, while a formidable support area lies within the range of 19,580-19,550. Aditya Gaggar also pointed out the possibility of an Inverted Head and Shoulder formation, albeit noting that it is too premature to draw definitive conclusions.

Source:https://www.indiatoday.in/business

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