On Friday, the benchmark index rebounded from the previous two day’s correction powered by IT stocks.
Nifty 50 closed 0.77% higher at 24,502.15.
Nifty hit its all-time high of 24,592.20 in the session.
TCS topped the gainers, with a significant 6.63% increase in its stock price to ₹4183.95, buoyed by impressive June quarter results that surpassed analyst expectations.
Ultimately, the Nifty index closed at 24,502, up by 0.77%.
On Friday, the benchmark index rebounded from the previous two day’s correction powered by IT stocks. Nifty 50 closed 0.77% higher at 24,502.15. Nifty hit its all-time high of 24,592.20 in the session. All top 5 gainers in the index were IT stocks.
TCS topped the gainers, with a significant 6.63% increase in its stock price to ₹4183.95, buoyed by impressive June quarter results that surpassed analyst expectations. The company reported a net profit of ₹12,040 crore, an 8.7% increase year-over-year, with revenues also up by 5.4% to ₹62,613 crore.
Top Gainers:
Company Current Price Last Close % Change TCS ₹4183.95 ₹3923.7 6.63% Wipro ₹560.15 ₹534.1 4.88% Infosys ₹1711.75 ₹1652.7 3.57% HCLTECH ₹1560.2 ₹1511.9 3.19% LTIMindtree ₹5572.65 ₹5407.6 3.05%
Following behind, Wipro experienced a 4.88% increase to close at ₹560.15. Infosys also saw a notable rise of 3.57%, ending the day at ₹1711.75. HCLTECH and LTIMindtree followed with gains of 3.19% and 3.05%, respectively.
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On the other hand, Maruti Suzuki India was the biggest laggard, with its stock price decreasing by 1.20% to ₹12,562.5.
Top Losers:
Company Current Price Last Close % Change Maruti ₹12562.5 ₹12715.2 -1.20% Divi’s Lab ₹4539.3 ₹4582.5 -0.94% Coal India ₹496.2 ₹500.05 -0.77% Asian Paints ₹2999.15 ₹3022.05 -0.76% BPCL ₹304.55 ₹306.6 -0.67%
Divi’s Laboratories, Coal India, Asian Paints, and Bharat Petroleum Corporation Limited also saw declines in their stock prices, ranging from 0.67% to 0.94%.
Vinod Nair, head of research, Geojit Financial Services said, “Multiple tailwinds led the market to come out of the range bound trajectory. The strong result from the IT bellwether and a drop in US inflation to a one-year low added optimism to the market. The chances of a rate cut in September are inching higher, which is evident in the fall of the dollar index. We expect stock-specific moves to gain traction due to the ongoing earnings season and upcoming budget; indeed, IT will be in the limelight due to the good start to the earnings and outlook.”
Ajit Mishra – SVP, research, Religare Broking said, “Markets resumed their uptrend after a brief pause, gaining nearly one percent. Initially, a slight increase in IT majors and select heavyweights from other sectors sparked a sharp rise in the morning hours. However, some profit-taking at higher levels tempered the gains as the day went on. Ultimately, the Nifty index closed at 24,502, up by 0.77%. In addition to the strong performance in the IT sector, the energy and FMCG sectors also performed well, while the realty and auto sectors lagged. The broader indices underperformed the benchmark, ending flat to slightly positive.”
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