Sensex Today: Benchmark indices zoomed past key psychological levels Monday, hitting fresh record highs, as information technology stocks-driven rally bolstered sentiment.
The S&P BSE Sensex topped the 73,000-mark for the first time, hitting a lifetime high of 73,402 level. The index closed slightly off high at 73,328, up 759 points or 1.05 per cent.
The Nifty50, too, surpassed the 22,000-mark intraday, notching a new peak of 22,116. It ended the day at 22,097, up 203 points or 0.93 per cent.
Shares of Wipro surged 14 per cent intraday, before closing 6 per cent higher, as the company beat profit estimates in its third quarter results (Q3FY24). That apart, HCL Tech, Bharti Airtel, Tech M, Infosys, HDFC Bank, Reliance Industries, NTPC, Maruti Suzuki, HUL, Titan, SBI, IndusInd Bank, Kotak Bank, and TCS were the other top gainers, rising between 0.6 per cent and 3 per cent.
In the broader markets, the BSE MidCap index hit a new high of 38,162, and the BSE SmallCap touched 44,872. The indices ended 0.67 per cent and 0.11 per cent higher, respectively.
Among sectors, the Nifty IT index advanced 2 per cent, followed by up to 1 per cent rally in the Nifty Pharma, PSU Bank, and Bank indices.
“The rally in the market, primarily driven by momentum, is now getting support from fundamentals. The sharp bounce in largecap IT stocks on the back of slightly positive management commentary indicates that an underperforming segment can surprise on the upside on news of a turnaround in the sector,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
India’s retail inflation surged to a four-month high of 5.69 per cent in December on an annual basis as against 5.55 per cent in November. However, the number has remained within the Reserve Bank of India’s (RBI) tolerance band of 2-6 per cent.
On a sequential basis, the inflation rate witnessed a contraction of (-)0.32 per cent, according to the data released.
Global Cues
After a stumbling start, Asian markets rose on Monday. Japan’s Nikkei bucked the chary mood and rose 1.2 per cent to a fresh 34-year peak, having already enjoyed stellar gains of 6.6 per cent last week. China’s Shanghai Composite gained 0.36%, while Hong Kong Hang Seng rose 0.11 per cent.
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