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Quick Wrap: Nifty IT Index gains 4.34%

Quick Wrap: Nifty IT Index gains 4.34%

Nifty IT index closed up 4.34% at 35414.65 today. The index has slipped 5.00% over last one month. Among the constituents, HCL Technologies Ltd added 7.71%, Coforge Ltd jumped 6.27% and Oracle Financial Services Software Ltd rose 5.31%. The Nifty IT index has soared 5.00% over last one year compared to the 8.77% increase in benchmark Nifty 50 index. In other indices, Nifty Auto index gained 2.38% and Nifty Pharma index gained 1.40% on the day. In broad markets, the Nifty 50 recorded a gain of 0.67% to close at 24328.95 while the SENSEX recorded a gain of 0.65% to close at 80116.49 today.
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9 of top 10 most valued firms add Rs 1 lakh crore in market cap this week
9 of top 10 most valued firms add Rs 1 lakh crore in market cap this week

Hans India

time32 minutes ago

  • Hans India

9 of top 10 most valued firms add Rs 1 lakh crore in market cap this week

The Indian stock market witnessed strong positive momentum this week, helping nine of the country's ten most valued companies collectively add Rs 1,00,850.96 crore to their market capitalisation. This rally came as the benchmark Sensex rose by 737.98 points, or 0.90 per cent, reflecting overall optimism in equities. Among the top gainers, HDFC Bank recorded a sharp rise in market valuation, adding Rs 26,668.23 crore. With this, the private sector lender's total market capitalisation reached Rs 15,15,853.85 crore. Bajaj Finance also posted a strong performance, gaining Rs 12,322.96 crore in valuation during the week. Its market cap now stands at Rs 5,82,469.45 crore. ICICI Bank's market valuation increased by Rs 9,790.87 crore to Rs 10,41,053.07 crore, while Hindustan Unilever added Rs 9,280.89 crore, taking its mcap to Rs 5,61,282.11 crore. Bharti Airtel saw its market valuation rise by Rs 7,127.63 crore, reaching Rs 10,65,894.55 crore. Meanwhile, Life Insurance Corporation of India (LIC) gained Rs 3,953.12 crore, pushing its valuation to Rs 6,07,073.28 crore. Infosys recorded a smaller increase, with a gain of Rs 519.27 crore, bringing its total market capitalisation to Rs 6,49,739.73 crore. State Bank of India (SBI) also edged up, with a rise of Rs 401.61 crore, taking its mcap to Rs 7,25,437.74 crore. Among the top 10, Tata Consultancy Services (TCS) was the only company to see a drop in its market value. The IT giant's mcap declined by Rs 28,510.53 crore during the week, settling at Rs 12,24,975.89 crore. Despite TCS's slip, the overall market sentiment remained upbeat, with investors showing confidence across sectors. In terms of overall ranking by market capitalisation, the top five companies at the end of the week were HDFC Bank, TCS, Bharti Airtel, ICICI Bank, and SBI. Market experts believe the positive momentum was supported by expectations of steady economic growth and improved investor sentiment ahead of key economic data and global cues.

RBI rate cut lights up Dalal Street, but will the rally continue?
RBI rate cut lights up Dalal Street, but will the rally continue?

India Today

time39 minutes ago

  • India Today

RBI rate cut lights up Dalal Street, but will the rally continue?

The stock market ended the week on a strong note, driven by the Reserve Bank of India's surprise rate cut. On Friday, the RBI reduced the repo rate by 50 basis points, which was more than what the market had expected. This sudden move helped lift investor sentiment, pushing key indices Sensex and Nifty higher by nearly 1%.But as trading resumes on Monday, the big question on everyone's mind is whether the rally will continue or lose steam on Dalal Street. MARKET PERFORMANCE LAST WEEKThe Nifty gained 252 points during the week and closed slightly above the important 25,000 mark. The Sensex also climbed 738 points, finishing at 82,189. The Bank Nifty did even better, rising 1.5% to end at 56,578.40. It even touched a new all-time high of 56,695 during the week. This was the fourth week in a row that Bank Nifty posted of the biggest reasons behind this rally was the RBI's decision to cut the repo rate by 50 basis points to 5.5%, which was double the expected cut. The central bank also reduced the Cash Reserve Ratio (CRR) by 1%, bringing it down to 3%. This is the lowest it has been since April also changed its policy stance from 'accommodative' to 'neutral', suggesting that it will now wait and watch before making further moves. According to market expert Puneet Singhania, Director at Master Trust Group, 'The RBI's rate cut and neutral stance are likely to support market momentum in the near term, especially in sectors that react positively to lower interest rates.'Singhania added that while the local factors like low inflation and decent GDP growth are positive, global concerns like new tariffs and international developments could lead to some volatility in the FOR NIFTY AND BANK NIFTYThe Nifty ended the week with a strong bullish candle, closing above 25,000 after falling for two straight weeks. It is now trading above its key moving averages, which suggests the market could stay strong in the coming sessions. According to analysts, the index has good support around 24,700. If it falls below this, it could slip to 24,500. On the higher side, if the Nifty moves above 25,250 and stays there, it could rise further to 25, Nifty also showed strength, ending the week with a gain of 1.49%. It has now broken out of a six-week consolidation period and is trading well above its short-term averages. Analysts say the key support level for Bank Nifty is around 56,100. If it breaks below that, the index could move towards 55,600. On the upside, it needs to cross 57,000 to continue its rally towards 57, FLOW TRENDSThere has been a clear difference in the buying and selling patterns of foreign and domestic investors. Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, pointed out that while Foreign Institutional Investors (FIIs) sold stocks worth Rs 3,565 crore in early June, Domestic Institutional Investors (DIIs) were big buyers. 'DIIs bought shares worth Rs 25,510 crore during the same period, which more than covered the FII selling,' he also noted that FIIs have been selling in the bond market too, mostly because the gap in interest rates between Indian and US bonds has become smaller. But overall, the RBI's actions have lifted market sentiment. 'India still looks strong when compared to the US and China, both of which are facing weaker growth. But the high valuation levels in the stock market could limit the space for a long rally,' he WATCH AND STRATEGYReal estate stocks were the top gainers last week, with the realty index jumping 9.5%. However, sectors like media and energy ended in the red. According to Singhania, Nifty continues to show strong technical signs, with no warning signals yet from major ahead, Ajit Mishra, SVP of Research at Religare Broking, suggested a cautious but positive approach. 'The RBI's rate cut and its supportive tone are strong positives. We advise a 'buy on dips' strategy as long as the Nifty stays above 24,600. But investors should pick stocks carefully, especially in banking, auto, and real estate, which are likely to gain from the lower interest rate,' he also warned that sectors such as FMCG and IT may continue to face pressure due to rising input costs or global issues. He advised traders to stay alert and keep an eye on upcoming data and news from global markets.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.) advertisement

Reliance share price jumps 18% YTD, outperforms Nifty 50; Jefferies, JP Morgan, Bernstein see more upside
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timean hour ago

  • Mint

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