Sensex, Nifty hit record high on buying in IT stocks after TCS earnings

Among Sensex, Tata Consultancy Services rose nearly 6 per cent after the country's largest IT services player reported 8.7 per cent growth for the June quarter.

Updated on: Jul 12, 2024, 12:26:42 IST

By HT News Desk

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Sensex and Nifty hit their fresh record high levels today (July 12) amid heavy buying in IT stocks after TCS announced its June quarter earnings. BSE Sensex zoomed 996.17 points to hit all-time high of 80,893.51 while NSE Nifty jumped 276.25 points to a new lifetime peak of 24,592.20. Among Sensex, Tata Consultancy Services rose nearly 6 per cent after the country's largest IT services player reported 8.7 per cent growth for the June quarter and net profit at ₹12,040 crore. Other major gainers included Infosys, Tech Mahindra, HCL Technologies, Axis Bank and Bajaj Finance while among the laggards were Maruti, Kotak Mahindra Bank, Asian Paints and ITC.

Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai. (Reuters)

Expert view on stock market

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “The positive domestic cue is the better-than-expected numbers from TCS and positive management commentary which can lift most IT stocks.”

What about global stock markets?

Oil prices

Global oil benchmark Brent crude climbed 0.59 per cent to USD 85.90 a barrel.

FII data on July 11

'Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,137.01 crore on Thursday, according to exchange data.

Stock market on July 11

Read more: Raghuram Rajan's advice for Nirmala Sitharaman's Budget: ‘More jobs needed’

The BSE benchmark closed lower by 27.43 points or 0.03 per cent at 79,897.34 on July 11 while The NSE Nifty edged down 8.50 points or 0.03 per cent to settle at 24,315.95.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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