February 18, 2024
Indian Market Surges with Nifty 50 Crossing 22,000 Mark
Finance Stock Markets Trading

Indian Market Surges with Nifty 50 Crossing 22,000 Mark

Indian Market Surges with Nifty 50 Crossing 22,000 Mark/Mint

Indian Market Surges with Nifty 50 Crossing 22,000 Mark

In today’s trading session, the Indian market witnessed a substantial rally, gaining over 200 points, primarily driven by the strong performance of five heavyweights – RIL, HDFC Bank, Bharti Airtel, Infosys, and HCL. The banking and IT sectors played a crucial role in supporting this rally, with tech stocks benefiting from a robust performance in the December quarter and banking stocks surging in anticipation of positive Q3 numbers.

The Nifty 50 experienced a 1% intraday gain, crossing the significant 22,000 mark for the first time and reaching a new high of 22,115 points. The index closed the session with a gain of 0.93% at 22,097, reflecting the overall positive sentiment.

Reliance Industries (RIL) contributed significantly to the Nifty 50’s rally, touching a fresh record high of ₹2,792 per share and adding 34.47 points to the index. Infosys also played a key role, contributing 32 points after achieving its best intraday performance in three years during Friday’s session.

Bharti Airtel contributed 13.68 points to the index with a 2.2% gain, reaching a new record high of ₹1,104. HCL, another IT major, reached a new record high of ₹1,619.90, supporting the index rally with a gain of 5.11%.

Investors responded positively to HCL’s Q3 FY24 earnings, which showed a consolidated net profit of ₹4,350 crore and a 6.5% YoY growth in consolidated revenue, reaching ₹28,446 crore for the quarter ending in December.

The overall market surge reflects optimism fueled by the strong performance of key sectors and expectations for positive corporate earnings in the ongoing quarter.

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