Indian Stock Market Hits Milestones: Sensex Surges Past 73,000, Nifty Crosses 22,000

Indian stock market

January 15, 2023

New Delhi, India

Stock Market Highlights

In a remarkable start to the trading week, the Indian stock market witnessed a historic surge as both Sensex and Nifty achieved significant milestones. The Sensex, the benchmark index, soared past the 73,000 mark for the first time, reaching an all-time high of 73,402, while the Nifty crossed the 22,000 mark, peaking at 22,116.

Both Nifty and Sensex closed at 22,097.45 up +202.90 

IT Sector Boosts Market Rally:

The driving force behind this impressive rally was the robust performance of the Information Technology (IT) sector. Despite a challenging economic backdrop, IT stocks, including prominent players like Wipro, HCL Technologies, Infosys, Tata Consultancy Services, and others, recorded substantial gains. Wipro, in particular, witnessed a remarkable surge of nearly 11%, closing 6% higher, following better-than-expected Q3 results.

Read Here: Wipro Shares Surge 13% Despite Profit Decline, Q3 Results Beat Estimates

Broader Market Indices Set Records:

Beyond the major indices, the broader market also witnessed positive momentum. The BSE MidCap index reached a new high of 38,162, while the BSE SmallCap touched 44,872, closing 0.67% and 0.11% higher, respectively. This signifies a broad-based market rally, reflecting investor confidence across various segments.

Also Read: India’s Wholesale Inflation Surges to 9-Month High in December

Top Gainers and Closing Data:

Several stocks contributed significantly to the overall market surge. Apart from Wipro, top gainers included HCL Tech, Bharti Airtel, Tech Mahindra, HDFC Bank, Reliance Industries, and others, rising between 0.6% and 3%. The Sensex closed at 73,328, up 759 points (1.05%), and the Nifty ended at 22,097, up 203 points (0.93%).

Global and Fundamentals Impact:

Global markets showed mixed trends, with positive movements in Seoul, Tokyo, and Shanghai, while Hong Kong saw a marginal dip. The rally, initially driven by momentum, is now gaining support from fundamentals, especially in the IT sector. Positive management commentary suggests a sustained strength in the IT index, with companies like HCL Tech and Wipro showing further upside potential.

Foreign Institutional Investors (FIIs) Activity:

Notably, on the previous Friday, Foreign Institutional Investors (FIIs) sold equities worth Rs 340.05 crore, according to exchange data. This reflects a nuanced approach by institutional investors amid the ongoing market rally.

In conclusion, the Indian stock market‘s surge to new highs underscores the resilience of the market, propelled by a robust IT sector and growing confidence in fundamental factors. The record-breaking performance of both major and broader indices signals a positive outlook, highlighting the market’s ability to navigate challenges and capitalize on sector-specific strengths.

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