Equity Indices Surge as Sensex Gains Almost 700 Points, Nifty Hits Record High

Equity Indices Surge as Sensex Gains Almost 700 Points, Nifty Hits Record High

VoM News Desk | January 12, 2024 | 12:03 PM IST | Breaking News | Follow on Google News

Equity Indices Surge as Sensex Gains Almost 700 Points, Nifty Hits Record High/Pixabay

Equity Indices Surge as Sensex Gains Almost 700 Points, Nifty Hits Record High

On Friday, benchmark equity indices experienced a robust surge, with the Sensex making an impressive leap of nearly 700 points, and the Nifty reaching a fresh all-time high of 21,840. The IT sector led the charge, as Nifty IT witnessed a remarkable 4.5% surge. Infosys (Infy) stood out with a gain of 5%, while TCS (Tata Consultancy Services) saw a substantial 3% surge post its Q3 results. Analysts have expressed optimism, suggesting that the worst might be over for the IT sector.

As markets keep a close watch on critical earnings reports and macroeconomic data, such as the Index of Industrial Production (IIP) and Consumer Price Index (CPI), Asian markets present a mixed scenario. Meanwhile, US stock indices closed lower overnight due to a combination of mixed economic data and statements from Federal Reserve officials. The uncertainty led investors to readjust their expectations regarding the timing and scale of potential rate cuts by the US Federal Reserve in the coming year.

Japanese stocks, continuing their positive trend from the previous day, opened higher on Friday. In contrast, Australian shares and Hong Kong equity futures experienced declines. US futures displayed minimal changes after the S&P 500 closed with a flat performance on Thursday, while the Nasdaq 100, dominated by tech stocks, concluded 0.2% higher.

The latest economic indicators from the United States indicate a 0.3% rise in the Consumer Price Index for the previous month, following a slight 0.1% increase in November. Additionally, jobless claims dropped to 202,000 for the week ending January 6, marking a decrease of 1,000 compared to the preceding week.

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