Sensex, Nifty hit record high on buying in IT stocks after TCS earnings

Sensex and Nifty hit their fresh record high levels today (July 12) amid heavy buying in IT stocks after TCS announced its June quarter earnings.

BSE Sensex zoomed 996.17 points to hit all-time high of 80,893.51 while NSE Nifty jumped 276.25 points to a new lifetime peak of 24,592.20. Among Sensex, Tata Consultancy Services rose nearly 6 per cent after the country’s largest IT services player reported 8.7 per cent growth for the June quarter and net profit at ₹12,040 crore. Other major gainers included Infosys, Tech Mahindra, HCL Technologies, Axis Bank and Bajaj Finance while among the laggards were Maruti, Kotak Mahindra Bank, Asian Paints and ITC.

Expert view on stock market
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “The positive domestic cue is the better-than-expected numbers from TCS and positive management commentary which can lift most IT stocks.”

In Asian markets, Shanghai and Hong Kong quoted higher while Seoul and Tokyo traded lower. US markets ended mostly lower on Thursday.

Oil prices
Global oil benchmark Brent crude climbed 0.59 per cent to USD 85.90 a barrel.

FII data on July 11
‘Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,137.01 crore on Thursday, according to exchange data.

Stock market on July 11

The BSE benchmark closed lower by 27.43 points or 0.03 per cent at 79,897.34 on July 11 while The NSE Nifty edged down 8.50 points or 0.03 per cent to settle at 24,315.95.