Tech stocks boost Nifty to fresh lifetime high, Sensex rises 200 pts
The BSE Sensex was trading 194 points, or 0.24%, higher at 80,712. The Nifty50 was up 85 points, or 0.35%, trading at 24,587 around 9:17 am.
From the Sensex pack, HCL Tech was the top gainer, rising over 4% after posting a 6.7% rise in June-quarter revenue and projecting growth in most verticals and geographies for the ongoing quarter. Tech Mahindra, UltraTech Cement, TCS, Infosys, SBI, and Sun Pharma also opened higher, while Asian Paints, Tata Steel, Bharti Airtel, ICICI Bank, and Bajaj Finserv opened lower.
Meanwhile, Indian IT companies, which earn a significant share of their revenue from the US, also led the rally over the last two weeks, bolstered by firming bets on a September U.S. rate cut and largely upbeat results from Tata Consultancy Services.
The odds of a 25 basis point rate cut have risen to about 90% from about 70% a week ago, according to the CME FedWatch Tool, on the back of recent soft labour market and inflation data.
However, domestic retail inflation accelerated for the first time in five months due to a sharp rise in food prices, data showed on Friday.
On the sectoral front, Nifty IT rose 0.6%, and Nifty Auto rose 0.62%. On the other hand, Nifty FMCG, Metal, Private Bank, and Realty opened with cuts.
Among the individual stocks, Avenue Supermarts (DMart) rose 4.3% after the company posted a 17.5% rise in first-quarter net profit on Saturday.
IREDA shares rose over 9% after the firm reported a net profit of Rs 384 crore for the quarter ended June 2024, which was a 30% uptick
