Sensex Breaks Record: Sensex Surges Past 73000 Mark; Nifty Also Hits All-Time High!

Sensex Surges Past 73000 Mark

Sensex Surges Past 73000 Mark: In a remarkable surge, the Indian stock market witnessed a historic milestone on Monday as the benchmark Sensex crossed the 73,000 mark for the first time. The National Stock Exchange (NSE) also saw the Nifty closing at a record high, with both indices propelled by robust gains in the information technology (IT) sector. This rally was fueled by encouraging third-quarter results from key IT companies.

NIFTY Hits All Time High

The Bombay Stock Exchange’s 30-share Sensex skyrocketed by 759.49 points, representing a 1.05% increase, to reach a record closing high of 73,327.94. Simultaneously, the Nifty 50 surged by 0.93%, gaining 202.9 points and concluding the trading day at an unprecedented 22,097.45.

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Sensex Today: IT Stocks Propel the Rally

The driving force behind this surge was the continued buying spree in IT stocks, particularly following the impressive third-quarter performance of heavyweight companies in the sector. The IT index witnessed a notable uptick, with a 6.5% rally over the last two trading sessions. This surge in the IT sector is attributed to growing optimism regarding increased discretionary spending and notable deal wins. The Nifty IT closed at 37,201.95, rising by 1.86%.

Vinod Nair, Head of Research at Geojit Financial Services, pointed out that the optimism in the market was fueled by the upward movement in the IT index. Additionally, the lowering of the US 10-year bond yield, which dropped from 4.05% on January 5 to 3.99% on January 15, played a role in boosting market sentiment. Market participants anticipate the beginning of the US Federal Reserve’s easing cycle in March.

Sensex Today Live: Sectoral Performance and Stock Gainers

Sensex Surges Past 73000 Mark: On Monday, almost all sectors ended the day in positive territory, except for metals. Besides IT, sectors such as oil & gas, energy, telecommunication, and financial services also contributed to the overall market rally. Notable gainers among NSE-listed companies included Wipro Ltd, Oil & Natural Gas Corporation Ltd (ONGC), HCL Technologies, Infosys Ltd, and HDFC Bank. Foreign institutional investors (FIIs) displayed positive sentiment by net buying Rs 1,085.72 crore of domestic shares on the same day.

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Leading IT companies such as HCL Technologies, HDFC Bank, Infosys, and Tech Mahindra were among the prominent gainers. HCL Technologies reported a record consolidated net profit of Rs 4,350 crore in the quarter ending December 2023, reflecting a 6.2% increase.

In the broader market, the BSE midcap gauge climbed by 0.67%, while the smallcap index rallied by 0.11%. However, commodities and metal sectors lagged behind in the overall market performance.

Global Market Overview and Economic Indicators

In the global context, Asian markets in Seoul, Tokyo, and Shanghai ended positively, while Hong Kong experienced a marginal dip. European markets traded mostly lower, and US markets ended on a muted note on Friday. The global oil benchmark, Brent crude, declined slightly to USD 78.06 a barrel.

Inflation and Economic Indicators

The Wholesale Price Index (WPI) indicated a rise in wholesale inflation, increasing from 0.26% in the previous month to 0.73% in December, primarily due to a significant surge in food prices. This comes after seven consecutive months of negative inflation from April to October.

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Closing Thoughts and Market Outlook

With the Sensex reaching unprecedented heights, the market sentiment remains positive, supported by strong corporate earnings, particularly in the IT sector. The upcoming easing cycle anticipated in the US, coupled with robust discretionary spending and deal wins, adds to the optimism. As India’s financial markets continue to navigate economic dynamics, investors eagerly await further developments in the ongoing rally.