On the sectoral front, all the indices were trading firmly in the green, barring the metals. IT, auto, and banks remained the key outperformers. Tech Mahindra, HCL Tech, Infosys, TCS, Wipro, and Jio Financial Services were among the top gainers in the Nifty 50 pack, up in the range of 3 to 4 per cent.
Today’s rally added more than ₹5 trillion to the total market capitalisation of BSE-listed companies. According to data, the all India market capitalisation stood at ₹438.49 trillion, up from previous day’s m-cap of ₹432.84 trillion.
STOCK MARKET UPDATES LIVE: SENSEX UP 680 pts, NIFTY TRADES NEAR 23,800
Stock market rally: Key factors
1. IT stocks lead gains: The Nifty IT index today snapped its six-day losing streak to emerge as the top performer. The index was up more than 4 per cent, with all 10 constituents moving northward. Coforge and Persistent Systems were the top movers, up 6 per cent, followed by Mphasis, Tech Mahindra, and Infosys.
2. Crude prices stay firm: Brent crude, the global oil benchmark, declined 1.46 per cent to USD 101.9 per barrel. Notably, crude exports from Iraq’s Kirkuk fields to Turkey’s Ceyhan port have resumed via pipeline. The export was resumed after Baghdad and the Kurdistan Regional Government (KRG) agreed to restart flows.
3. Support from global markets: Strong performances in the Asian markets have provided a boost to Indian markets. In Asian markets, South Korea’s benchmark Kospi jumped nearly 4 per cent, Japan’s Nikkei 225 index climbed over 2 per cent, while Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index quoted marginally lower.
The US market ended higher on Tuesday. The Dow surged 0.10 per cent, while the Nasdaq and S&P 500 climbed 0.47 per cent and 0.25 per cent, respectively.
