Sensex and Nifty Reach New Heights Amid IT Stock Surge

Equity benchmark indices Sensex and Nifty hit record highs on Friday, driven by significant gains in IT stocks following TCS's June quarter earnings report. Sensex surged 996.17 points, and Nifty climbed 276.25 points. Major gainers included TCS, Infosys, and Tech Mahindra, while Maruti and Kotak Mahindra Bank lagged.

Equity benchmark indices Sensex and Nifty reached fresh record high levels on Friday amidst strong buying in IT stocks, following TCS's June quarter earnings announcement.

The 30-share BSE Sensex surged 996.17 points to an all-time high of 80,893.51, while the NSE Nifty jumped 276.25 points to a new lifetime peak of 24,592.20.

Tata Consultancy Services led the pack, climbing nearly 6% after reporting an 8.7% growth in June quarter net profit, totaling Rs 12,040 crore. Other notable gainers included Infosys, Tech Mahindra, HCL Technologies, Axis Bank, and Bajaj Finance. Meanwhile, Maruti, Kotak Mahindra Bank, Asian Paints, and ITC were among the laggards.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that the better-than-expected numbers from TCS and positive management commentary could drive further gains in IT stocks.

In Asian markets, Shanghai and Hong Kong saw gains, whereas Seoul and Tokyo traded lower. US markets ended mostly lower on Thursday. Brent crude also climbed 0.59% to USD 85.90 per barrel. Despite these gains, FIIs offloaded equities worth Rs 1,137.01 crore on Thursday. The BSE benchmark later closed slightly lower by 27.43 points at 79,897.34, while the NSE Nifty edged down 8.50 points to 24,315.95, retreating from early highs.