Stock Market Update Today : Record Highs for Sensex, Nifty; IT Stocks Propel Rally

Stock Market Update Today : Record Highs for Sensex, Nifty; IT Stocks Propel Rally

VoM News Desk | January 15, 2024 | 10:41 AM IST | Breaking News | Tags: OPEC+ Meeting | Follow on Google News

Stock Market Update Today : Record Highs for Sensex, Nifty; IT Stocks Propel Rally/Reuters

Stock Market Update Today : Record Highs for Sensex, Nifty; IT Stocks Propel Rally

In the latest market update, benchmark indices opened at record highs, with the Sensex surging 348.86 points or 0.48% at 72,917.31, and the Nifty gaining 73.30 points or 0.33% at 21,967.80 by 10 am.

Early gainers driving the rally included Wipro, HCL Technologies, Tech Mahindra, LTI Mindtree, and Infosys. On the flip side, losers in the initial trade included HDFC Life, Eicher Motors, HUL, Hindalco, and ICICI Bank.

In the broader Asian markets, most indices declined, with the Nikkei rising 0.5%, and the Hang Seng falling 0.8%, except for the Japanese market.

Oil prices stabilized amid concerns that US-led airstrikes against the Houthis could escalate tensions in the Middle East, potentially disrupting crude flows.

In specific stock movements, HCL Technologies witnessed a notable surge, climbing nearly 4% to reach ₹1,619.60 on the NSE. The company reported a 13.5% sequential growth in profit at ₹4,350 crore in the December quarter, surpassing analysts’ expectations. Revenue also grew 6.7% sequentially to ₹28,446 crore.

Lupin’s stock remained in focus as the company received USFDA approval for propranolol hydrochloride extended-release capsules used in treating hypertension, migraines, and angina. The drug will be manufactured at the company’s Pithampur facility, contributing to its sales of $71 million in the US from January to November 2023.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that the market’s rally, initially driven by momentum, is now gaining support from fundamentals. The large-cap IT stocks, such as HCL Tech and Wipro, show signs of a positive turnaround in the sector, contributing to the rally. Additionally, Nifty’s breakout from the consolidation range suggests further upward movement, with key drivers being RIL, large-cap IT, and banking majors.

As of 10 am, the market continues its positive momentum, reflecting the robust performance of key indices.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.