Sensex hits record high, Nifty crosses 22,000 as IT rally continues

sensex hits record high, nifty crosses 22,000 as it rally continues

Sensex hits record high, Nifty crosses 22,000 as IT rally continues

Benchmark stock market indices hit fresh milestones on Monday as the S&P BSE Sensex rose to a fresh all-time high, while the NSE Nifty50 crossed the 22,000 mark for the first time.

The S&P BSE Sensex was up 618.05 points at 9:47 am, while the NSE Nifty50 was up 147.15 points to 22,041.70. In early trade, the 30-share Sensex hit an all-time high of 73,288.78, while the Nifty50 scaled to a high of 22,081.95.

Broader markets also gained sharply, in line with the benchmark market indices as the overall mood remains positive.

Among sectoral indices, the Nifty IT emerged as the top gainer as the index gained nearly 3 per cent, with all 10 constituents trading positively. Wipro shares gained over 10 per cent in early trade after its Q3 earnings came in better than expectations, but analysts remain cautious.

The top five gainers on the Nifty50 were Wipro, Tech Mahindra, HCLTech, Infosys and LTIM. On the other hand, the top losers were HDFC Life, Eicher Motors, Tata Consumer Products, Hindalco and Power Grid.

As mentioned earlier, the key driver behind today’s stock market rally seems to be the positivity among investors around Q3 results of IT companies. While all the companies have reported somewhat muted results, they have fared better than what analysts had expected in the seasonally-weak quarter.

This has led to positive commentary from the management of firms like TCS, Infosys, Wipro and HCLTech, driving confidence among investors.

Ahead of today’s market opening, Deven Mehata, said, “Indian markets have reached the all-time high levels on Friday and on today’s opening Nifty is set to cross 22,000 mark backed by the IT sector were WIPRO and HCLTECH presented better than expected results. Investors and traders should hold their long position with trailing stop losses.”

Meanwhile, Aditya Gaggar, Director of Progressive Shares, suggested that tech stocks have helped in driving the rally over the past few trading sessions. “Along with the sector, all the IT stocks have given a breakout from the bullish flag and pole formation which suggests a continuation of the underlying uptrend,” he said.

Watch Live TV in English

Watch Live TV in Hindi

News Related

OTHER NEWS

Guru Nanak Jayanti: Rishi Sunak Highlights Punjabi Heritage In Message, Trudeau Extends Greetings

In a greeting from 10 Downing Street on the occasion of Guru Nanak Jayanti, British Prime Minister Rishi Sunak mentioned his Punjabi Indian origin, news agency PTI reported. The 43-year-old ... Read more »

What US easing sanctions on Venezuela, home to world’s largest oil reserves, could mean for India

This report is the second of a three-part series on recent Indian engagement in the Latin American and Caribbean (LAC) region. New Delhi: The US’ decision last month to ease ... Read more »

Rajshri Deshpande dedicates OTT award to innocent lives lost in Gaza, Palestine

Rajshri Deshpande dedicates OTT award to innocent lives lost in Gaza, Palestine Actor and social worker Rajshri Deshpande won the Best Actor, Series (Female) award for Netflix’s ‘Trial By Fire’. ... Read more »

‘Ramchandra Keh Gaye…’: From Jan 1, RSS to Spread Word of God, Ayodhya Inauguration Among 10 Crore People

‘Ramchandra Keh Gaye…’: From Jan 1, RSS to Spread Word of God, Ayodhya Inauguration Among 10 Crore People In its effort to take the Ram Janmabhoomi message to households across ... Read more »

Ace designer Rohit Bal critical, on ventilator: report

Ace designer Rohit Bal critical, on ventilator: report Celebrated fashion designer Rohit Bal is in critical condition and is on ventilator support, HT City reported, quoting sources. He has been ... Read more »

Bengaluru: Traffic Advisory Issued, Parking Restrictions In Place As Samyukta Horata Samiti Holds Protest | Details

Bengaluru: Traffic Advisory Issued, Parking Restrictions In Place As Samyukta Horata Samiti Holds Protest | Details The Bengaluru Traffic Police has issued a traffic advisory for November 27 and 28 ... Read more »

Vistara Flights Diverted Due To Air Congestion At Delhi Airport | DETAILS

vistara flights diverted due to air congestion at delhi airport | details Delhi: Two Vistara flight has been diverted to Lucknow and Jaipur due to bad weather and air congestion ... Read more »
Top List in the World