Sensex closes above 73,000, Nifty above 22,000 for the first time led by IT stocks

• Wipro, ONGC, HCL Technologies, Tech Mahindra, and Apollo Hospitals were some of the major gainers.
• HDFC Life, Bajaj Finance, Tata Consumer Products were some of the laggards.
• Asian markets, excluding the Nikkei, experienced declines, with the Hang Seng dropping by 0.8%.

Sustaining the positive momentum observed since the opening, Indian benchmark indices, the Sensex and the Nifty, posted a record close on Monday led by Reliance and the IT pack. The surpassed the 22,000 mark for the first time ever and Sensex closed above the 73,000.

ndian benchmark indices Nifty 50 and Sensex posted rec

Among the Nifty companies, reflecting a predominantly bullish sentiment, Wipro, ONGC, HCL Technologies, Tech Mahindra, and Apollo Hospitals emerged as some of the top gainers, contributing to the positive trend.

Conversely, HDFC Life, Bajaj Finance, Tata Consumer Products, Hindalco, and Eicher Motors found themselves among the top losers.

Varun Aggarwal, founder and managing director, Profit Idea, said, "The National Stock Exchange's (NSE) Nifty witnessed a noteworthy ascent as the GIFT Nifty traded higher by 8.50 points or 0.26%, settling at 22,052. This upward movement signals a potentially positive or moderate start for Dalal Street on Monday".

He added, "The surge was particularly fueled by a robust rally in information technology stocks, propelling the Sensex to a historic high of 72,721 before closing at 72,568, marking an increase of 847 points or 1.18%. Simultaneously, the Nifty reached 21,895, up 247 points or 1.14%."

Sector-wise, the Nifty IT index exhibited remarkable strength with a surge of 5.27%, followed by the Nifty PSU Bank index at 2.7%, and the Nifty Realty at 1.6%.

Despite this positive trend in the Indian market, Asian markets, excluding the Nikkei, experienced declines, with the Hang Seng dropping by 0.8%.

In the global context, the oil market displayed stability amid concerns about potential wider conflicts following airstrikes by the US and allies against the Houthis, which could disrupt crude flows from the Middle East.

The trajectory of the Indian equity market for the remainder of the week hinges on pivotal factors, including quarterly earnings reports from key firms such as HDFC Bank and Hindustan Unilever, coupled with the release of WPI inflation data and global trends.

Sector-specific movements will be influenced by expectations and institutional flows, while global factors such as macroeconomic indicators from the US and China, the dollar index, US bond yields, and crude oil prices will be meticulously monitored.

Ongoing geopolitical tensions globally continue to pose uncertainties.

Investor attention remains heightened on Q3 FY24 earnings, global trends, macroeconomic data, crude oil prices, and the rupee-dollar movement.

Notably, IT stocks, especially Wipro and HCL Technologies, are under scrutiny following their earnings declarations. Foreign Portfolio Investors (FPIs) have adopted a cautious approach, with reduced investments in Indian equities, amounting to around Rs 3,900 crore in the first two weeks of January--a notable deceleration compared to the previous month.

The market remains poised for further developments as these key factors unfold in the coming days. (ANI)