Wednesday, 19 June 2024
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Stock Market

Sensex jumps over 850 points, and Nifty reaches a new high

  • The Q3 earnings of Infosys and TCS caused benchmark indices to reach all-time highs.
  • TCS gained 4% and the Nifty IT index hit a new 52-week high.
  • Japan’s Nikkei reached a 34-year high, reflecting the upbeat sentiment in international markets.

The Q3 earnings of Infosys and TCS, two of the biggest names in IT, spurred market participants’ excitement on January 12 and caused benchmark indices to reach all-time highs.

Along with the S&P BSE Sensex and Nifty50 index, these also saw strong gains; TCS gained 4% and the Nifty IT index hit a new 52-week high. Investors on the D-Street applauded the Q3 earnings, which met analyst expectations.

Sensex and Nifty

Notwithstanding a bad quarter made worse by global macroeconomic challenges, Indian IT majors reported neutral to improved earnings in their Q3 earnings. TCS outperformed in every category, but Infosys modified some of its projected future earnings. According to IDBI Capital analysts, TCS will keep winning transactions involving integrated operations, vendor consolidation, and cost optimization.

Indian markets continued to rise while the US markets had a poor overnight performance following the release of higher-than-expected US CPI inflation data.

Traders continue to expect a cut as early as March, the CME Fedwatch tool indicates. Amidst ultra-dovish policy expectations,Japan’s Nikkei reached a 34-year high, reflecting the upbeat sentiment in international markets.

The rise was also fueled by heavyweight companies, such as Reliance Industries (RIL) and HDFC Bank. Market players were waiting for HDFC Bank’s earnings, which were expected to be announced on January 16, to determine the direction of banking stocks.

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