IT Lifts India’s Nifty 50 To A New Record Close!
The blue-chip Nifty 50 (NSEI) index climbed 0.74% to a record closing high of 22,217.45, while the BSE Sensex (. BSESN) finished 0.74% higher at 73,158.24.
The two indexes had fallen about 0.8% earlier before reversing course in the last two hours of trading.
“This is a market that will allow you to buy good stocks at attractive valuations, and buying-on-dips will continue, keeping markets buoyant,” said Gaurav Dua, senior vice president and head of capital market strategy at Sharekhan.
“But there will be profit-taking at high levels,” Dua warned, noting that the market ended a six-session winning streak on Wednesday.
The volatility index (. NIFVIX), which opens a new tab, has remained near its 10-month highs reached three weeks ago, ahead of India’s budget.
IT stocks (. NIFTYIT) rose 1.94% after shedding 2.8% in a three-session losing run. The minutes of the Federal Reserve’s latest policy meeting did not change expectations of U.S. rate cuts beginning in June.
HCLTech (HCLT.NS) and TCS (TCS.NS) saw 2.9% and 2.4% increases, respectively, leading gains among IT firms with significant revenue from the United States.
They were among the top Nifty gainers, along with Bajaj Auto (BAJA.NS), which opened a new tab, and Eicher. The top auto stocks (. NIFTYAUTO) gained over 3% each, resulting in a new high of 1.64%.
ITC (ITC.NS), the sixth-heaviest Nifty stock, rose 2.8% following media reports that the FMCG company would buy a 47% stake in Prataap Snacks (PRAT.NS), which increased 4.1%.
The domestically focused small (. NIFSMCP100) and mid-caps (. NIFMDCP100) rose 0.68% and 1.02%, respectively, ending two sessions of losses.
The minutes of the Reserve Bank of India’s most recent policy meeting are due after the bell.
