Information Technology Stocks Drive Unexpected Surge in Sensex and Nifty

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Information Technology stocks drive unexpected surge in Sensex and Nifty

BSE Sensex crossed the mark of 73,000 whereas Nifty50 also on the positive side

Today’s stock market has opened with a big bang for the first time. The investors are quite happy with the opening of Monday’s market and quite amazed with the rising figures of Sensex and Nifty. According to the reports, On Monday, 15th January 2024, BSE Sensex crossed the mark of 73,000 whereas Nifty50 numbers are also on the positive side. For the first time, Nifty has crossed the level of 22,000. BSE Senses and Nifty50 have set a benchmark and investors are hoping to increase the figures in this way. 

The report states that this rise was primarily possible by the strong performance of the stocks of Information Technology. As per traders, the rise is quite an unexpected move and it is a better-than-expected results market from the side of Wipro and HCLTech. Those who invested their money in these stocks have responded to the vigorous financial performances of Wipro and HCLTech, contributing to the overall bullish sentiment in the Indian stock market. 

As we spotted, at around 09:53 AM the Nifty50 was standing at 22,013 and the points were up to 119 or 0.54% whereas the BSE Sensex was showing a rise of 0.65% as it was trading at 73,040 or 0.65%. Now traders as well as investors are considering this rise as a new benchmark in the Indian stock market for the first time in the history of the Indian stock market. Now this significant milestone is showcasing the optimism and resilience among stockholders and investors. 

The stock of Wipro appeared as the game changer as it was spotted as the highest stock in Sensex with an increase of 10%. Other tech giants including Tech Mahindra, Infosys and HCL Tech also registered an increase of 2-5%. Sadly, those who invested in stocks of Sun Pharma, Bajaj Finance, Bajaj Finserv, and Nestle faced a loss as these stocks opened on the lower side. Apart from it, The Nifty IT sector spotted a rise of over 3% that is directed by HCL Tech and Wipro. In addition to this, Nifty Realty and Nifty PSU also witnessed a surge of 1% and 1.7% respectively. 

At the time of writing, the price of Nifty50 is spotted at 22045.80 and Sensex is at 73154,71. As we mentioned above, HCLTech and Wipro stocks witnessed a surge of 4% and 11% each, after showcasing the positive results of Quarter3. These results showcased their positive reflection on the indications of growth and demand stabilization in both IT companies. While looking at the broader market, Nifty Midcap100 surged by 0.57% whereas Nifty Smallcap100 rose an increase of 0.72%. 

It is worth noting that individual stocks including Avenue Supermarts, opened the market with an increase of 2.6 after watching the strong numbers for the quarter concluded last year. According to the reports, the consolidated net profit of the firm surged up to 17% year-on-year to around Rs 691 crore. The shares of Bharat Heavy Electricals Limited (BHEL) shares reported at 4.5% in early trade following an order worth Rs 15,000 crore. Besides, we can ignore the fact that the media, automobile, FMCG sectors, metals, energy, and infrastructure are on the negative side of the Indian stock market. 

In the meantime, Asian markets also reported an increase as traders cogitated US inflation data that gave birth to the hope for an early interest rate cut. Traders and investors are hoping to witness the constant increase but as we know stock market fluctuates every minute, so it is important to invest smartly.

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