Whoosh! The Indian stock market kicked off with a bang on Thursday, taking cues from the spirited Asian markets. The cause behind this exuberance was the release of the US June inflation data, which turned out to be softer than anticipated. This unexpected turn of events fueled hopes of a more lenient stance from the Federal Reserve in the future.
On July 13, 2023, the Nifty 50, India’s benchmark index, gracefully soared to an all-time high, surpassing the remarkable 19,560 mark, and settled at an impressive 19,566.65 points. Not to be outdone, the 30-scrip Sensex also decided to join the party, hitting a new peak at 66,049.45 points during the session.
At 01:30 ET (05:30 GMT), the Nifty 50 index flexed its muscles and surged by 0.87% to reach 19,552.05 levels, while the Sensex jumped 0.93%, adding a whopping 607.14 points to its kitty.
Over the past month, both the Nifty 50 and Sensex have experienced substantial growth, with the former rising by 4.45% and the latter by 4.5%.
The Indian market’s jubilance was led by a splendid rally in IT stocks. The sensational June quarter earnings results of India’s IT powerhouses, TCS and HCL Tech, unleashed a frenzy of optimism on Wednesday. Additionally, the IT giant Wipro is all set to unveil its earnings for the June quarter on Thursday, further fueling excitement.
Every sectoral index under the Nifty umbrella joyfully danced in the green, with Nifty IT taking center stage with a staggering 2.5% surge. Nifty Metal and Nifty Financial also joined the celebration.
Among the Nifty 50 pack, Hindalco, TCS, Infosys, HDFC Life, SBI Life, and Tech Mahindra captivated the crowd with their stellar performances. However, the mighty Maharatna PSUs, PowerGrid Corporation and Coal India, faced the pressure to perform.
The stock market certainly knows how to put on a show, and today was no exception. With IT stocks leading the charge and the Nifty 50 and Sensex hitting new milestones, investors found themselves caught up in a whirlwind of excitement and anticipation. As the markets continue to evolve, only time will reveal what other surprises lie in wait for these mighty indices.