In a historic surge, the BSE Sensex and Nifty50, India’s key benchmark indices, reached unprecedented levels during intraday trade, with the Sensex crossing the 73,000 mark and the Nifty50 surpassing 22,000 for the first time. This remarkable performance was fueled by the strong showing of information technology stocks following better-than-expected results from HCLTech and Wipro.
The BSE Sensex closed the trading day at 73,327.94, marking a substantial increase of over 750 points or 1.05%. Similarly, the Nifty50 closed at 22,097.45, up by 200 points or 0.93%. The Sensex hit an intraday high of 73,402.16, while the Nifty50 saw a high of 22,115.55.
The surge was underpinned by the exceptional performance of IT giants such as Wipro and HCL Tech, with Wipro and HCL Tech emerging as the top gainers on the Sensex. Other companies that closed with gains include HDFC Bank, Infosys, Tech Mahindra, and Bharti Airtel. However, some companies, including Bajaj Finance, Bajaj Finserv, L&T, Tata Motors, and Tata Steel, settled with losses.
Sensex Touches 73,000 and Nifty 22,000
In the broader market, Nifty Bank, auto, financial services, FMCG, pharma, realty, healthcare, and oil & gas closed higher, while Nifty Media and Nifty Metal ended lower. The market capitalization of all listed companies on BSE increased by Rs 2.8 lakh crore to Rs 376.09 lakh crore.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, provided insights into the market’s performance, stating that the major support for the index is at the 21,800 level. He also highlighted the next immediate upside targets for the index, which are positioned at 22,200/22,300 levels. Shah emphasized the importance of sustaining above these levels, as it could potentially lead the index towards the 22,500 mark.
The surge in the stock market reflects the dynamic nature of the Indian economy and the significant impact of the IT sector on the country’s financial landscape. The record-breaking performance of the key benchmark Sensex indices underscores the resilience and potential of the Indian stock market, offering promising opportunities for investors and industry stakeholders.
This remarkable achievement in the stock market is a testament to the robustness of the Indian economy and the positive sentiment surrounding the IT sector, further bolstering India’s position as a key player in the global financial arena.