Sensex ends above 847 points, Nifty at fresh closing peak

New Delhi,UPDATED: Jan 12, 2024 16:28 IST

Benchmark stock market indices ended the trading session on a strong note as both the S&P BSE Sensex and NSE Nifty50 hit closing peaks.

The S&P BSE Sensex ended 847.27 points higher at 72,568.45 points, while the NSE Nifty50 rose 247.35 points at 21,894.55. The broader market indices also ended the trading session on a positive note.

The Nifty IT index was the biggest driven behind the market gains today, gaining over 5 per cent; all 10 IT companies listed under the index rose between 2-8 per cent.

The top five gainers on the Nifty50 were Infosys, ONGC, Tech Mahindra, HCL Tech and LTIM. On the other hand, the top losers were Cipla, Apollo Hospitals, Bajaj Finserv, Ultratech Cement and Power Grid.

Today’s market gains were primarily driven by a sharp rise in shares of IT companies, following better-than-expected results by IT bellwether companies, TCS and Infosys. Shares of Wipro and HCL Tech also ended the session on a positive note ahead of their Q3 results.

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Other IT companies also gained during the day as investors are now optimistic about better performance by such firms during the seasonally weak third quarter.

Shrey Jain, Founder and CEO of SAS Online, said, “Propelled by a surge in IT stocks, major indices achieved unprecedented highs today, as both Sensex and Nifty surpassed their previous all-time peaks.

Aditya Gaggar, Director of Progressive Shares, said, “The Nifty has not only ended the week at record levels but also given a bullish Flag and Pole Formation breakout on the daily chart which indicates an extension of the current underlying uptrend.”

“The key question is whether the thrilling stock market surge will persist. Looking ahead, data suggests that Nifty might exceed 22,000 as early as Monday,” he added.