Sensex, Nifty Soar Over 1% To Record High As Infosys, TCS Lead: Market Wrap
The IT index outperformed on expectations of a rise in demand in the US economy.
The benchmark indices closed at a record on Friday, ending higher for the seventh consecutive week as Infosys Ltd., Tata Consultancy Ltd. and Reliance Industries Ltd. gained.
The NSE Nifty 50 jumped 274 points or 1.29%, to 21,456.65, while the S&P BSE Sensex surged 970 points or 1.37%, to close at 71,483.75.
The Nifty Bank breached the 48,200 level for the first time during the last leg of the trade. The index settled at 0.86% or 411 points, higher at 48,143.55.
The buoyancy continued in the market as investors were expecting the clouds over US growth to recede by the second half of 2024 and that the economy would achieve a soft landing due to normalisation in monetary policy, according to Vinod Nair, head of research at Geojit Financial Services. "The IT index outperformed (on) expectations of a rise in demand in the US economy."
Infosys Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., State Bank of India, and HCL Technologies Ltd. led the gains in the Nifty.
Bharti Airtel Ltd., ITC Ltd., Kotak Mahindra Bank Ltd., HDFC Life Insurance Co., and Maruti Suzuki Ltd. were weighing on the indices.
All sectors advanced this week, with the Nifty IT emerging as the top gainer with 7.16% weekly gains.
The broader markets underperformed as the BSE MidCap rose 0.17% and the SmallCap advanced 0.25%. Six out of the 20 sectors compiled by the BSE advanced, while 14 declined.
The market breadth was skewed in favour of the buyers. As many as 1,963 stocks advanced, 1,804 declined and 121 were unchanged on the BSE.
