Nifty 50 advances for 5th straight session, crosses 22,000 mark for first time
Also Read: Infosys, TCS stocks help Nifty 50 hit all-time high again This extraordinary rally was primarily driven by the Information Technology (IT) sector, where industry leaders such as Infosys, TCS, Wipro, and HCL delivered robust performances in the third quarter of the fiscal year 2024. Infosys and Wipro, which have been laggards in comparison to the benchmark, indices are making a strong comeback following their robust Q3 FY24 results, contributing to the Nifty 50 robust rally.
As of 09:45 am, shares of Wipro are trading with a gain of 11.35% at ₹519.35 apiece, while those of Infosys, TCS, and HCL are trading with gains of 3.14%, 2.09%, and 3.79%, respectively. All 10 constituents of the Nifty IT index were trading in positive territory, propelling the index to a gain of over 3.8%, hitting a fresh 52-week high of 37,929 points.
Also Read: HCL Tech leads Wipro, peers in weak December quarter Currently, 26 out of the Nifty 50 constituents are trading in positive territory. On the downside, HDFC Life Insurance Company shares experienced the most significant decline in today's session, trading with a loss of 3.3%.
Following closely are Tata Consumer Products, Eicher Motors, Hindalco Industries, Bajaj Finance, Power Grid Corporation, Adani Ports and SEZ, SBI Life Insurance, and Hero MotoCorp, all trading with marginal losses ranging from 0.6% to 1.5%. Meanwhile, today's record rally has pushed the market capitalisation of the NSE-listed companies to ₹369 lakh crore.
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