Sensex scales 60,000 as TCS near its all-time high, ONGC near a two-year high

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Sensex scales 60,000 as TCS near its all-time high, ONGC near a two-year high
BCCL
  • India’s equity indices have been among the best performing ones around the world.
  • Sensex is up 7.5% in the last one month, only second to Japan’s Nikkei, which is up 9%, among stock indices in developed economies.
  • Three out of the top five gainers in the first hour on Friday were tech stocks boosted by the blockbuster earnings from Accenture.
  • Check out the latest news and updates on Business Insider.
It’s a new record as India's benchmark equity index scaled Sensex breached 60,000 for the first time ever on strong performance of IT stocks, and optimism from global markets. NSE’s Nifty 50 also hovered close to the 18000-mark.

The bulls rode the boost from strong earnings from IT bellwether Accenture as well as a spike in global oil prices. ONGC rose to its highest level since November 2019 as crude oil prices gained to near a 3-year high. Reliance Industries wasn’t excited by it though.

Among the best-performing IT stocks in trade today, Wipro gained 2.6%, Infosys 2.01%, Larsen & Toubro 2.01% and HCL Tech scaled 1.9% in today’s trade.

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Top gainersGains as of Sep 24, 9:30 am
Wipro2.6%
Grasim2.06%
L&T2.01%
HCL Tech1.9%
Infosys1.8%
Sensex has gained almost 7.5% in the past one month, despite the fear of a Lehman Brothers-like crisis emanating from China due to a collapse of one of its giant realty majors, Evergrande.

Indian equity markets have been one of the best performers around the world in the last one month despite the increasing global risks including the fear of rising inflation and interest rates in the US.

Benchmark stock indexLast one month
Sensex (India)+7.5%
Dow Jones (US)-1.7%
Nikkei (Japan)+9%
FTSE100 (UK)-0.7%
DAX (Germany)-1.65%
Among Nifty50 stocks that touched a 52-week high, included Oberoi Realty, HCL Tech, L&T Technology, Asian Paints and Mahindra Life.
Company% Price change as at 10:20 am
Oberoi Realty+8.75%
HCL Tech+3.19%
Mahindra Life+4.04%
Asian Paints+5.31%
L&T Technology+3.98%

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The rally in realty stocks came as some of the top Indian banks, including Kotak Mahindra Bank, State Bank of India and mortgage lender HDFC cut home loan rates.

The second biggest gains came from real estate stocks. The Nifty Realty index continued its surge, taking the tally for the last five days to over 22%.

Company% Gain as at 10:20 am
Oberoi Realty 7.87
Indiabulls Real 2.82
Prestige Estate 2.72
Sunteck Realty0.94
Phoenix Mills 0.62

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