July 18, 2024
New Delhi, India
Stock Market Today
Indian shares recovered from initial declines to achieve record highs on Thursday, driven by strength in information technology stocks. The rally was spurred by positive earnings from software services provider LTI Mindtree, which exceeded revenue expectations for the June quarter.
Highlights:
The BSE Sensex and NSE Nifty benchmarks witnessed a sharp surge in the afternoon session, pushing them to record high levels. The Sensex index topped the 81,000-mark for the first time, closing at 81,343, up 627 points or 0.78 percent, after hitting a record high of 81,522.5. The broader Nifty50 ended at 24,801, up 188 points or 0.76 percent, after reaching a lifetime peak of 24,838.
Top Gainers: Leading the rally were stocks from the IT, FMCG, and banking sectors. Companies such as TCS, Bajaj Finserv, M&M, HUL, Infosys, HCL Tech, Tech M, SBI, Kotak Bank, Bharti Airtel, ITC, and ICICI Bank saw gains ranging from 0.7 percent to 3 percent.
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Sectoral Performance: The Nifty IT index gained 2.2 percent, ending above the 40,000-mark, followed by the Nifty Financial Services index, which was up 0.57 percent. Conversely, the Nifty Media index fell 3.57 percent.
Broader Markets: Despite the overall market rally, the broader markets stayed in the negative zone, with the BSE MidCap and SmallCap indices falling 0.99 percent and 1.15 percent, respectively.
Earnings Watch: Shares of Infosys, Tata Technologies, and Polycab will be in focus as the companies announce their first-quarter results today.
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Closing Summary:
The benchmark equity indices ended Thursday’s trading session in the positive territory. The NSE Nifty 50 gained 187.85 points or 0.76% to settle at 24,800.10, while the BSE Sensex jumped 626.91 points or 0.78% to 81,343.46. The broader indices ended mixed, with gains led by large-cap stocks. The Bank Nifty index ended higher by 223.90 points or 0.43% to settle at 52,620.70. IT and FMCG stocks outperformed among other sectoral indices while Metal and Media stocks shed.
Currency Market Update July 18, 2024
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