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Business News/ Markets / Stock Markets/  Nifty 50 advances for 5th straight session, crosses 22,000 mark for first time; Wipro, Infosys, TCS among major gainers
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Nifty 50 advances for 5th straight session, crosses 22,000 mark for first time; Wipro, Infosys, TCS among major gainers

The robust momentum observed in the Indian benchmark indices on Friday continues into Monday's trading session, with both Nifty 50 and Sensex reaching new record highs.

Currently, 26 out of the Nifty's 50 constituents are trading in positive territory.Premium
Currently, 26 out of the Nifty's 50 constituents are trading in positive territory.

The robust momentum observed in the Indian benchmark indices on Friday (January 12) continued into Monday's trading session, with both Nifty 50 and S&P BSE Sensex reaching new record highs.

In the early trade today, Nifty 50 surged to a fresh peak of 22,081 points, surpassing the 22,000 mark for the first time. Simultaneously, the S&P BSE Sensex achieved a historic peak, scaling to 73,288 points and crossing the 73,000 mark for the first time. The upswing witnessed today marks the fifth consecutive gain for both Nifty 50 and Sensex.

Also Read: Infosys, TCS stocks help Nifty 50 hit all-time high again

This extraordinary rally was primarily driven by the Information Technology (IT) sector, as industry leaders such as Infosys, TCS, Wipro, and HCL posted a healthy performance in the third quarter of the fiscal year 2024.

Infosys, Wipro and TCS, which were laggards in comparison to the benchmark indices in CY23, are making a strong comeback following their Q3 FY24 results, contributing to the Nifty 50 rally. 

As of 09:45 am, shares of Wipro were trading with a gain of 11.35% at 519.35 apiece, while those of Infosys, TCS, and HCL were trading with gains of 3.14%, 2.09%, and 3.79%, respectively. All 10 constituents of the Nifty IT index were trading in positive territory, propelling the index to a gain of over 3.8%, hitting a fresh 52-week high of 37,929 points.

Also Read: HCL Tech leads Wipro, peers in weak December quarter

Currently, 26 out of Nifty's 50 constituents are trading in the green zone. On the downside, HDFC Life Insurance Company shares experienced the most significant decline in today's session, trading with a loss of 3.3%. Following closely are Tata Consumer Products, Eicher Motors, Hindalco Industries, Bajaj Finance, Power Grid Corporation, Adani Ports and SEZ, SBI Life Insurance, and Hero MotoCorp, all trading with marginal losses ranging from 0.6% to 1.5%.

Meanwhile, today's record rally has pushed the market capitalisation of the NSE-listed companies to 369 lakh crore.

Also Read: Over 50 smallcaps rise 10-40% as Sensex hits lifetime high-mark; do you own?

In the calendar year 2023, the Nifty 50 broke multiple record highs, touching 19,000 in June and reaching levels of 20,000 and 21,800 in September and December, respectively. In December alone, the index surged over 7.9%, marking its best December performance since 2003.

 

Disclaimer: We advise investors to check with certified experts before taking any investment decisions.

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Published: 15 Jan 2024, 09:26 AM IST
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