Sensex crosses 73,000 for first time, Nifty opens above 22,000
What's the story
Sensex crossed the 73,000 mark, and Nifty exceeded the 22,000 level for the first time today. At the time of writing, Sensex was up 0.95% at 73,245 and Nifty50 was up 0.8% at 22,068. The rally in the market is primarily driven by a boost in the IT sector, where industry leaders such as Infosys, TCS, Wipro, and HCL delivered impressive Q3 earnings.
Details
Both Wipro and HCLTech exceed expectations
Wipro and HCLTech saw their stock prices go up by 11% and 4%, respectively, after reporting positive Q3 results. The positive outcomes reflected indications of demand stabilization and growth in both companies. Both HCLTech and Wipro exceeded their projections for quarterly revenue. Their rise led to a 3.6% increase in the Nifty IT index, reaching 37,863.90 points.
Insights
Performance of sectoral indices
The broader indices show a mixed performance. Nifty Mid Cap 100 is slightly up by 0.05%, while Nifty Small Cap 100 is down by 0.16%. In terms of sectoral indices, Nifty IT is leading, followed by Nifty Realty, Nifty Bank, Nifty Service sector, and Nifty Pharma. However, media, metals, automobile, infrastructure, energy, and FMCG sectors are in negative territory.