India's benchmark stock market indices, Nifty and Sensex hit fresh all-time highs today, led by gains in IT services firms after their results and commentary exceeded expectations, alleviating concerns about weak demand.
Shares of IT services providers Wipro and HCLTech rose 10 per cent and 4 per cent respectively after their third-quarter results showed signs of demand stabilization and growth.
The S&P BSE Sensex was up 618.05 points at 9:47 am, while the NSE Nifty50 was up 147.15 points to 22,041.70.
In early trade, the 30-share Sensex hit an all-time high of 73,288.78, while the Nifty50 scaled to a high of 22,081.95.
The top five gainers on the Nifty50 were Wipro, Tech Mahindra, HCLTech, Infosys and LTIM. On the other hand, the top losers were HDFC Life, Eicher Motors, Tata Consumer Products, Hindalco and Power Grid.
The key driver behind today’s stock market rally seems to be the positivity among investors around Q3 results of IT companies.
While all the companies have reported somewhat muted results, they have fared better than what analysts had expected in the seasonally-weak quarter, India Today reported.
Kuldeep is Senior Editor (Newsroom) at Swarajya. He tweets at @kaydnegi.
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