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TCS results buoy bourses
Sensex, Nifty rally nearly 1% to fresh highs on sharp gains in IT shares, US rate cut hopes
Mumbai: Equity benchmark indices Sensex and Nifty soared nearly one per cent to hit new lifetime highs on Friday, fuelled by intense buying in IT and tech stocks after robust TCS earnings amid hopes of a rate cut by the US Federal Reserve. A rally in Reliance Industries and Infosys also boosted investor sentiments, traders said.
The 30-share BSE Sensex jumped 622 points or 0.78 per cent to settle at a record closing level of 80,519.34. During the day, it zoomed 996.17 points or 1.24 per cent to hit an all-time high of 80,893.51. NSE Nifty surged 186.20 points or 0.77 per cent to settle at a record closing high of 24,502.15. Intra-day, it jumped 276.25 points or 1.13 per cent to hit a new lifetime peak of 24,592.20. On a weekly basis, the BSE benchmark jumped 522.74 points or 0.65 per cent, while the Nifty climbed 178.3 points or 0.73 per cent.
“Multiple tailwinds led the market to come out of the range-bound trajectory. The strong result from the IT bellwether and a drop in US inflation to a one-year low added optimism to the market. The chances of a rate cut in September are inching higher, which is evident in the fall of the dollar index,” said Vinod Nair, head (research), Geojit Financial Services.
In the broader market, the BSE midcap gauge declined 0.22 per cent, while the smallcap index dipped 0.13 per cent.
“Nifty ended strong on July 12 led by Information Technology stocks after Tata Consultancy Services surprised the street with its Q1 results.”
Investors’ wealth rises by Rs 1.17 lakh cr
The market capitalisation (mcap) of BSE-listed firms soared to a new lifetime high of Rs452.38 lakh crore ($5.42 trn) on Friday, with investors’ wealth rising Rs1.17 lakh crore, amid a rally in equities where the Sensex hit its fresh all-time peak.
