Sensex Today: Sensex, and Nifty50 rose to record highs on Friday lifted by a solid rally in information technology (IT) stocks. The BSE Sensex hit surged nearly 1,000 points intraday to hit a record high of 80,893.5, while the Nifty50 zoomed to 24,592 ahead of the CPI inflation data for June.
TCS shares soared nearly 7 per cent today after it posted better-than-expected June quarter (Q1) results for FY25, hinting at a possible demand revival. Infosys, Tech M, and HCL Tech followed suit with up to 3.4 per cent gains. That apart, Axis Bank, RIL, JSW Steel, and Bajaj twins added up to 1.4 per cent, aiding the sentiment.
By close, the BSE Sensex stood at 80,519, up 622 points, and the Nifty50 shut shop at 24,502, up 196 points.
Both the benchmarks advanced up to 0.77 per cent as against a 0.22 per cent dip the BSE MidCap and 0.13 per cent in the BSE SmallCap.
Among sectors, the Nifty IT index rallied 4.5 per cent, and the Nifty Media gained 2 per cent. On the downside, the Nifty Realty index fell 1.5 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Multiple tailwinds led the market to come out of the range bound trajectory. The strong result from the IT bellwether and a drop in US inflation to a one-year low added optimism to the market. The chances of a rate cut in September are inching higher, which is evident in the fall of the dollar index. We expect stock-specific moves to gain traction due to the ongoing earnings season and upcoming budget; indeed, IT will be in the limelight due to the good start to the earnings and outlook.”
Global Cues
Across Asia-Pacific, markets mostly declined following US inflation data for June, which stood at the lowest in three years. Japan’s Nikkei retreated over 2 per cent, pulling back from record highs, while the Kospi dropped 1.26 per cent. In contrast, Australia’s ASX200 rose 0.72 per cent.
In the US, markets closed with mixed results as easing inflation bolstered expectations of rate cuts by the Federal Reserve. The S&P 500 ended 0.88 per cent lower and the Nasdaq Composite fell 1.95 per cent, ending their seven-day winning streaks with their worst performance since April. The Dow Jones, however, gained 0.08 per cent.
