Stock market today: Nifty50 ends the day at a record high near 21,900; investors earn nearly ₹3 lakh crore
Stock market today: Sensex closed the day with a robust gain of 847 points, or 1.18 per cent, at 72,568.45 while the Nifty 50 closed at 21,894.55, jumping 247 points, or 1.14 per cent.
Stock market today: Domestic equity market benchmarks the Nifty 50 and the Sensex saw strong gains on Friday, January 12, primarily driven by the stellar performance of IT giants such as Infosys and TCS.
Both key indices, along with the mid and smallcap indices hit fresh all-time highs during the session, fueled by an optimistic sentiment following the better-than-expected December quarter earnings of TCS and Infosys.
The stock market achieved historic heights on Friday, primarily propelled by substantial gains in IT stocks. Analysts noted that the market benchmarks reached new peaks, with the surge in IT stocks attributed to relief following the impressive Q3 results of Infosys and TCS.
Infosys share price witnessed a notable surge of 8 per cent while TCS share price rose 4 per cent. This positive momentum had a cascading effect on other IT stocks, leading to the Nifty IT index concluding over 5 per cent higher, with all 10 components ending in the green.
The Sensex hit its fresh all-time high of 72,720.96 during the session before closing the day with a robust gain of 847 points, or 1.18 per cent, at 72,568.45.
The Nifty 50 hit its fresh record high of 21,928.25 during the session and closed at 21,894.55, jumping 247 points, or 1.14 per cent.
With this, both indices settled at their fresh closing peaks.
Infosys and TCS emerged as the primary catalysts behind the surge in the Sensex index, concluding as the top contributors.
BSE Midcap index hit its fresh record high of 37,941.29 during the session. The midcap index closed at 37,875.43, up 0.36 per cent. The BSE Smallcap index closed at 44,503.70, with a gain of 0.41 per cent, after hitting its fresh all-time high of 44,644.04 during the session.
The overall market capitalisation of the firms listed on the BSE rose to nearly ₹373.4 lakh crore from nearly ₹370.5 lakh crore in the previous session, making investors richer by about ₹2.9 lakh crore in a single session.
As many as 539 stocks, including Reliance Industries, HCL Tech, Bharti Airtel, IndusInd Bank, Tata Motors, Hero MotoCorp, Persistent Systems and ONGC, hit their fresh 52-week highs in intraday trade on BSE.
Among the global peers, European markets saw an upward trend as hotter-than-expected US December inflation data failed to dent hopes that the US Federal Reserve will initiate interest rate cuts soon.
Top Nifty 50 gainers today
Shares of Infosys (up 8.08 per cent), ONGC (up 5.74 per cent) and Tech Mahindra (up 4.69 per cent) ended as the top gainers in the Nifty 50 index.
Top Nifty 50 laggards today
Shares of Cipla (down 1.20 per cent), Apollo Hospitals Enterprise (down 1.06 per cent) and Bajaj Finserv (down 1.02 per cent) ended as the top laggards in the Nifty 50 index.
Sectoral indices today
The Nifty IT index jumped 5.14 per cent, ending as the top gainer among the sectoral indices. Nifty PSU Bank and Realty indices also clocked strong gains of 2.75 per cent and 1.80 per cent respectively. Nifty Oil & Gas rose 1.47 per cent.
Nifty Bank index ended 0.57 per cent higher.
Barring Nifty Media (down 0.65 per cent), Healthcare (down 0.47 per cent), Auto (down 0.21 per cent) and Pharma (down 0.19 per cent) all sectoral indices ended higher.
Expert's views on markets
"Indian markets soared to new heights in a powerful rally, driven by IT heavyweights. Green shoots of recovery in the IT sector on the back of an improved outlook for BFSI in FY25 positively influenced market sentiments," said Vinod Nair, Head of Research, Geojit Financial Services.
"The robust performance of PSU banking stocks is underscored by the inherent synergy between their loan portfolios and the prevailing business cycle. Noteworthy is the fact that this upward surge remained resilient amid mixed global cues on account of higher-than-expected US inflation and positive job data, which tempered expectations for an imminent rate cut by the US Fed," Nair said.
Technical views on Nifty 50
"On the daily charts, we can observe that the Nifty has decisively broken out of the 21,500 – 21,850 range on the upside. The breakout suggests a resumption of trending moves on the upside. We expect the Nifty to target levels of 22,000 immediately and above that 22,300. On the downside, the zone of 21,750 – 21,700 should act as immediate support as per the role reversal principle," said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
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