BSE Sensex, Nifty 50 opens at life time highs

Representational image. PTI

Sensex, Nifty hit to their new record highs on Monday powered by gains in information technology (IT) heavyweights.

The Nifty 50 index moved above 22,000 mark for the first time, while Sensex traded above 73,000 level.

At 09:43 IST, Sensex was up 622.70 points, or 0.86 per cent, at 73,191.15, while Nifty was trading at 22,048.50, up 153.95 point or 0.70 per cent.

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The Indian stock market has been witnessing a rise due to better than expected quarterly results of the IT companies and the promising revenue guidance.

Wipro, HCLTech surged 10 per cent and 4 per cent respectively, leading gains on the Sensex. Tech M, Infosys, TCS and SBI were the next winners.

The broader markets were also firm. The BSE MidCap and SmallCap indices rose up to 0.6 per cent.

Nifty IT index rose over 3 per cent, Realty, PSU Bank indices were up over 1 per cent each. Pharma, Consumer Durbale pockets were the top underperformers.

“The rally in the market, primarily driven by momentum, is now getting support from fundamentals. The sharp bounce in large cap 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. The IT index which shot up by 5 per cent on Friday will remain firm since HCL Tech and Wipro have more room on the upside,” VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

“Nifty has broken out on the upside from the consolidation range and shows signs of further up move. An important driver of the rally is RIL which is moving up on large delivery based buying on news of commissioning of the Dhirubhai Ambani Green Energy project in H2 of 2024. RIL, large cap IT and banking majors can provide fodder for the bulls in the near-term,” Vijayakumar added.

With inputs from agencies

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