Nifty 50 hits all-time high again thanks to Infosys, TCS Q3 results
new record high of 21,897 points in today's intraday trade, breaking its previous record high of 21,834 points touched on January 01. Today's rally was propelled by robust support from the IT sector. At 01:45 pm, the index traded higher by 231.85 points or 0.98%, at 21,866 points.
It's noteworthy that the key drivers behind the rally were two IT stocks – Infosys and TCS. Both IT giants released their Q3 FY24 financial results on Wednesday after market hours. Despite the muted figures, they aligned with analyst estimates, sparking a substantial increase in share prices during today's trade.
Infosys saw its shares jump a remarkable 8% during intraday trade, reaching ₹1,615 apiece. This surge stands as the stock's most significant intraday gain in the last 3 years, and this remarkable gain contributed 94 points to Nifty 50's today's rally. Also Read: TCS vs Infosys: 5 most important comparisons you should know Similarly, TCS stock witnessed a 4.41% intraday jump, reaching ₹3,899 per share, contributing 35 points to the overall index rally.
Together, the contributions from both IT giants totaled 129 points, accounting for 61% of the index rally. Further, the sharp uptick in Infosys and TCS shares has extended to other major IT stocks such as Coforge, Tech Mahindra, and Wipro, which are currently trading with gains exceeding 4%. All 10 constituents of the Nifty IT index were trading in positive territory as of 01:45 pm, propelling the index to a gain of over 5% at 36,501 points.
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