Nifty IT index breaks 3-day losing streak, climbs nearly 2%
Among individual stocks, HCL Tech stood as the top gainer with a rally of 3.1%, followed by Tech Mahindra, TCS, Wipro, MphasiS, Infosys, L&T Technology Services, LTIMindtree, Coforge, and Persistent Systems, all closing higher by 0.5% to 2.4%.
Indian stocks experienced a strong rally today, driven by positive global cues and gains in other Asian and European markets. Despite a negative start, bulls took charge during mid-session, pushing the Nifty 50 to a new record high of 22,252 points by the end of the trading day.
This marks the fourth consecutive day of record highs for the Nifty 50. The notable resurgence in IT stocks played a pivotal role in this achievement, with 10 constituents of the Nifty IT index closing the session positively. As a result, the Nifty IT index concluded with a nearly 2% gain, breaking a three-day downtrend. This upward movement was attributed to Nvidia's strong performance in the December quarter, which came above the analyst's estimates.
Among individual stocks, HCL Tech stood as the top gainer with a rally of 3.1%, followed by Tech Mahindra, TCS, Wipro, MphasiS, Infosys, L&T Technology Services, LTIMindtree, Coforge, and Persistent Systems, all closing higher by 0.5% to 2.4%.
Meanwhile, Japan's main benchmark index, the Nikkei, surged to a record high today, surpassing the peak of the 1989 bubble era, driven by broad-based gains.
Nvidia, the largest chip maker, reported better-than-expected quarterly results and raised revenue guidance, while expectations of a US Fed interest rate cut in 2024 boosted sentiments across global markets.
Commenting on today's market performance, Vinod Nair, Head of Research, at Geojit Financial Services, said, "The domestic market staged a recovery from the day’s low, buoyed by positive PMI data from the Eurozone and an impressive earnings report from US tech stocks."
"The broader market showed resilience as India’s economic activity continued to expand in February, with both service and manufacturing PMI improving. Consequently, it resulted in outperformance in discretionary stocks and capital goods," he added.
On the technical front, Rupak De, Senior Technical Analyst at LKP Securities, said," The market remained highly volatile due to the weekly expiry of Nifty options. On the lower end, it found support at the 21EMA before rallying towards higher levels."
According to Rupak, the momentum indicator has experienced a bullish crossover. Overall, he said that the sentiment has turned positive once again, with the potential to reach towards 22,400/22,600 in the short term. On the lower end, it says support is placed at 22,100.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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