FINAL TRADE: Indices end at record highs, aided by a surge in IT stocks; Nifty settles 5 pts shy of 21,900, Sensex leaps 847 pts
Stock market today: During the day, the 50-share index Nifty hit an all-time high of 21,928.25, before settling at a fresh closing peak of 21,894.55, up 247.35 points, or 1.14 per cent. The S&P BSE Sensex, too, scaled the zenith of 72,720.96 points in the intraday session.
Stock market today: A better-than-expected December quarter (Q3 FY24) results by IT giants Infosys and TCS boosted investor sentiment on Friday, January 12, thus propelling the benchmark indices to scale fresh peaks.
During the day, the 50-share index Nifty hit an all-time high of 21,928.25 before settling at a fresh closing peak of 21,894.55, up 247.35 points, or 1.14 per cent. The 50-scrip barometer crossed the 21,900 mark for the first time in intraday trade. The S&P BSE Sensex, too, scaled the zenith of 72,720.96 points in the intraday session. The index eventually ended at 72,568.45, up 847.27 points, or 1.18 per cent.
"Indian markets soared to new heights in a powerful rally, driven by IT heavyweights. Green shoots of recovery in the IT sector on the back of an improved outlook for BFSI in FY25 positively influenced market sentiments. The robust performance of PSU banking stocks is underscored by the inherent synergy between their loan portfolios and the prevailing business cycle," Vinod Nair, Head of Research, Geojit Financial Services, said.
"Noteworthy is the fact that this upward surge remained resilient amid mixed global cues on account of higher-than-expected US inflation and positive job data, which tempered expectations for an imminent rate cut by the US Fed," Nair added.
IT stocks were in demand as the firms' commentary exceeded expectations. Nifty IT jumped 5.14 per cent, or 1,786.45, at 36,521.7, led by buying in all 10 stocks.
The high-beta Nifty Bank index, whose 12 constituents include SBI, HDFC Bank, and ICICI Bank, finished the day 271.45 points, or 0.57 per cent, higher at 47,709.8.
Global Market
European shares climbed on Friday as investors overlooked an escalation in the conflict in the Middle East and cheered interest rate cut prospects from the European Central Bank (ECB), while shares of Airbus rose on record annual jet orders. The pan-European STOXX 600 was up 0.9 per cent by 0934 GMT, after a 0.8 per cent drop in the previous session. The index is also on track to eke out marginal weekly gains.
(With agency inputs)
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