IT stocks rally lifts market to new highs,Sensex rises 847 pts

Ira Singh
Khabar Khabaron Ki,12 Jan’24

The domestic equity market indices ended the gaining streak to the fourth consecutive session on Friday,with benchmark indices hitting fresh record highs largely supported by IT stocks posting inline quarterly earnings from sector giants Infosys and TCS.At close, the Sensex was up 847.27 points or 1.18 percent at 72,568.45, and the Nifty was up 247.35 points or 1.14 percent at 21,894.55.

Stocks and Sectors

Infosys, ONGC, Tech Mahindra, LTIMindtree and TCS were the biggest gainers on the Nifty, while losers included Cipla, Apollo Hospitals, Power Grid Corporation,UltraTech Cement and Bajaj Finserv.

On the sectoral front, except auto, power and healthcare, all other indices ended in the green with the IT index rising 5 percent, realty and oil & gas indices up 2 percent each.Broader indices underperformed the main indices, with BSE midcap and smallcap indices adding 0.4 percent each.

On 12 Jan’24,the Indian rupee depreciated 4 paise to close at 83.05 against the U.S. dollar in early trade on Friday as foreign investors rushed to withdraw funds amid a sharp rise in crude oil prices.

Despite a weak American currency and surging equity markets, overall sentiment was dented after the U.S. data showed inflation increased more than expected in December, dousing hopes of an interest rate cut by the Federal Reserve soon, according to forex analysts.They said investors will also keep a close watch on the domestic inflation numbers to be released later in the day.

Experts Take:
Market experts have recommended six stocks to buy or sell on Friday — RBL Bank, TVS Motor, BEL, Adani Enterprises, NH, and SSWL.