Sensex, Nifty Surge To Record Highs Led By Gains In IT Shares

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Sensex, Nifty Surge To Record Highs Led By Gains In IT Shares

The S&P BSE Sensex and NSE Nifty 50 indexes surged to record highs in trade on Friday led by gains in information technology heavyweights like Infosys and Tata Consultancy Services ahead of earnings announcement of the country's largest IT company, TCS. The benchmarks staged a gap up opening and extended gains in late morning trading. The Sensex rose as much as 471 points to hit record high of 48,564.63 and Nifty 50 index hit an all-time high of 14,289.30.




Here are ten things to know about Friday's record-breaking session:
As of 11:26 am, the Sensex rallied 389 points to 48,482.07 and Nifty 50 index advanced 131 points to 14,268.
Sustained buying by foreign institutional investors (FIIs) is helping benchmarks surge to new highs. The FIIs bought shares worth ₹ 382 crore on Thursday (January 7) after they bought shares worth $23 billion in calendar year 2020.
Infosys, Tata Consultancy Services, HDFC Bank, Larsen & Toubro, Maruti Suzuki and Reliance Industries were top movers in the Sensex.
Buying was visible across board as all the 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Media index's 4 per cent gain.
IT, real estate, auto, power, capital goods and oil & gas shares indexes also rose between 1-2 per cent.
Mid- and small-cap stocks were also witnessing strong buying interest as Nifty Midcap 100 and Nifty Smallcap 100 indexes rose over a per cent each.
Among the individual shares, Biocon rose nearly 3 per cent to hit an intraday high of ₹ 467.70 after the company informed exchanges that Abu Dhabi-based ADF will invest ₹ 555 crore for 1.80 per cent minority stake in its arm Biocon Biologics valuing it at a post money valuation of $4.17 billion.
41 out of fifty shares in the Nifty 50 basket were trading higher led by SBI Life's 4.2 per cent gain. UPL, Wipro, Power Grid, Tech Mahindra, Maruti Suzuki, Coal India, Eicher Motors, Bharat Petroleum, UltraTech Cement and Bajaj Finserv also rose between 2.5-4 per cent.
On the flipside, Hindalco, HDFC, Britannia Industries, Nestle India, Bharti Airtel, Titan and ICICI Bank were among the notable losers.
The overall market breadth was extremely positive as 1,907 shares were advancing while 922 were declining on the BSE.

SOURCE - https://www.ndtv.com/business/share-market-live-updates-sensex-nifty-surge-to-record-highs-led-by-gains-in-it-shares-2349469