Nifty 50 hits all time high. Why is Indian stock market gaining today explained

Domestic equity benchmark Nifty 50 rose almost one per cent to hit its all time high level in morning trade on Friday, January 12. Nifty 50 opened at 21,773.55 against the previous close of 21,647.20 and rose to its fresh record high of 21,848.20. Sensex, on the other hand, opened at 72,148.07 against the previous close of 71,721.18 and rose about a per cent to its intraday high of 72,409.26.

The Sensex hit its all time high of 72,561.91 on January 1 this year. Shares of IT majors, including Infosys, Tech Mahindra, , TCS and HCL Tech traded as the top gainers in the Sensex index. Here are five key factors that appear to have led the Nifty 50 to its fresh all time high: 1. Robust gains in IT stocks Most IT stocks jumped to strong gains after the December quarter earnings of TCS and Infosys.

The jumped over 5 per cent to hit its fresh 52 week high of 36,482.25 in morning trade. Shares of and clocked robust gains after the December quarter earnings. Infosys reported a consolidated net profit of 6,106 crore, which declined over 7 per cent from 6,586 crore in the year ago period. Its consolidated revenue could just grow1.3 per cent to 38,821 crore versus 38,318 crore in the same period last year.

TCS reported consolidated revenue of 60,583 crore for the quarter ending in December, marking 4 per cent YoY growth. Sequentially, TCS saw a 1.5 per cent increase in revenue. In constant currency terms (CC), the revenue grew by 1.7 per cent YoY. Also Read: 2. Expectations of a healthy Q3 earnings Experts pointed out that the market sentiment remains bullish on expectations of robust December quarter earnings.

Initial expectations for subdued earnings in the IT sector were surpassed by TCS and Infosys, surpassing projections and raising optimism that other sectors may also unveil stronger results for the quarter. 3. Undertone remains positive Market sentiment has been positive on expectations of rate cuts by the US Fed and the RBI in the first half of 2024.

Besides, India's robust growth outlook is a vital factor which is keeping the market sentiment upbeat. Pankaj Pandey, Head of Research at underscored that the market sentiment has been positive of late. Nifty 50 saw some consolidations in the last few sessions but that has come as an opportunity to buy quality stocks.

Pandey expects the Nifty 50 to move higher by another 500 points to reach near the level of 22,300 in January. (More to come) Read all market related news Livemint tops charts as the fastest growing news website in the world to know more. Unlock a world of Benefits! From insightful newsletters to real time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away!.