Nifty 50 hits all-time high. Why is Indian stock market gaining today - explained

livemint.com:

Wipro, TCS and HCL Tech traded as the top gainers in the Sensex index. Here are five key factors that appear to have led the Nifty 50 to its fresh all-time high: Most IT stocks jumped to strong gains after the December quarter earnings of TCS and Infosys. The Nifty IT index jumped over 5 per cent to hit its fresh 52-week high of 36,482.25 in morning trade.

Shares of Infosys and TCS clocked robust gains after the December quarter earnings. Infosys reported a consolidated net profit of ₹6,106 crore, which declined over 7 per cent from ₹6,586 crore in the year-ago period. Its consolidated revenue could just grow1.3 per cent to ₹38,821 crore versus ₹38,318 crore in the same period last year.

TCS reported consolidated revenue of ₹60,583 crore for the quarter ending in December, marking 4 per cent YoY growth. Sequentially, TCS saw a 1.5 per cent increase in revenue. In constant currency terms (CC), the revenue grew by 1.7 per cent YoY.

Also Read: TCS vs Infosys: 5 most important comparisons you should know Experts pointed out that the market sentiment remains bullish on expectations of robust December quarter earnings. Initial expectations for subdued earnings in the IT sector were surpassed by TCS and Infosys, surpassing projections and raising optimism that other sectors may also unveil stronger results for the quarter. Market sentiment has been positive on expectations of rate cuts by the US Fed and the RBI in the first half of 2024.

Besides, India's robust growth outlook is a vital factor which is keeping the market sentiment upbeat. Pankaj Pandey, Head of Research at ICICI Securities underscored that the market sentiment has been positive of late. Nifty 50 saw some consolidations in the last few sessions but that has come