The benchmark Sensex on Monday achieved a historic milestone, surpassing the 73,000 mark for the first time, while the broader Nifty reached the pinnacle of 22,000 points. This ascent was fueled by a surge in IT stocks, along with notable contributions from Reliance and HDFC Bank.
Extending its winning streak for the fifth consecutive day, the 30-share BSE sensex surged by 759.49 points or 1.05%, culminating at an all-time high closing figure of 73,327.94. Throughout the day, it exhibited a robust performance, rallying 833.71 points or 1.14%, reaching an unprecedented intra-day peak of 73,402.16.
Simultaneously, the Nifty rose by 202.90 points or 0.93%, settling at a new record closing high of 22,097.45. Intraday, it soared by 221 points or 1%, reaching an all-time intra-day high of 22,115.55.
The driving force behind this surge was a vigorous rally in IT shares, particularly Infosys, TCS, Wipro, and HCL Tech, propelled by better-than-expected Q3 results. The oil & gas and energy sectors also contributed significantly to this market rally.
Wipro emerged as a standout performer among the Sensex firms, recording a gain of over 6% following the company’s Q3 earnings that surpassed estimates. Other notable gainers included HCL Technologies, HDFC Bank, Infosys, Tech Mahindra, Bharti Airtel, and Reliance Industries.
HCL Technologies reported a remarkable 6.2% increase in consolidated net profit at Rs 4,350 crore for the three months ended December 2023, the highest ever on a quarterly basis. This achievement was attributed to growth in both services and software businesses.
On the flip side, Bajaj Finance, Bajaj Finserv, Larsen & Toubro, Tata Motors, Tata Steel, and Axis Bank were among the laggards in the market.
In the broader global context, Asian markets in Seoul, Tokyo, and Shanghai concluded in positive territory, while Hong Kong experienced a marginal decline. European markets were mostly trading lower, and the US markets closed on a subdued note on Friday.