Powered by rally in IT stocks, Sensex, Nifty surge to lifetime highs; investors close to over Rs 3 lakh crore
By Sunita Iyer | First Published Jan 12, 2024, 4:22 PM ISTThe overall market capitalisation of BSE-listed firms rose to nearly Rs 373.4 lakh crore from nearly Rs 370.5 lakh crore in the previous session, making investors richer by about Rs 2.9 lakh crore in a single session.
The Indian equity market witnessed a historic surge on Friday, January 12, fueled by stellar performances from leading IT giants, Infosys and TCS. Both the Nifty 50 and the Sensex, along with mid and smallcap indices, reached fresh all-time highs during the session, reflecting an optimistic sentiment following the better-than-expected December quarter earnings of the two IT behemoths.
The driving force behind this historic market rally was the exceptional performance of IT stocks. Infosys and TCS, in particular, played a pivotal role, with Infosys witnessing an impressive surge of 8%, while TCS experienced a 4% rise. This positive momentum cascaded to other IT stocks, resulting in the Nifty IT index concluding over 5% higher, with all 10 components ending the day in the green.
Latest Videos
The Sensex hit a fresh all-time high of 72,720.96 during the session, closing the day with a robust gain of 847 points, or 1.18%, at 72,568.45. Similarly, the Nifty 50 reached its record high of 21,928.25 and closed at 21,894.55, marking a significant jump of 247 points, or 1.14%. Both indices settled at their fresh closing peaks.
Infosys and TCS emerged as the primary catalysts behind the surge in the Sensex index, being the top contributors. Collectively, these stocks accounted for an impressive contribution of nearly 500 points to the overall gains in the Sensex index.
The BSE Midcap index hit its fresh record high of 37,941.29 during the session, closing at 37,875.43, up 0.36%. The BSE Smallcap index closed at 44,503.70, with a gain of 0.41%, after reaching its all-time high of 44,644.04 during the session.
The overall market capitalisation of BSE-listed firms rose to nearly Rs 373.4 lakh crore from nearly Rs 370.5 lakh crore in the previous session, making investors richer by about Rs 2.9 lakh crore in a single session.
As many as 539 stocks, including major players like Reliance Industries, HCL Tech, Bharti Airtel, IndusInd Bank, Tata Motors, Hero MotoCorp, Persistent Systems, and ONGC, hit their fresh 52-week highs in intraday trade on BSE.
In contrast to the Indian market's positive trajectory, European markets saw an upward trend, driven by hopes that the US Federal Reserve would initiate interest rate cuts soon, despite hotter-than-expected US December inflation data.
subscribe to Asianet Newsable WhatsApp channel by clicking here. For more reliable and latest news
subscribe to Asianet Newsable Telegram channel by clicking here.