Stock market today: Nifty hits new record high as IT stocks shine
Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.
Nifty hit a fresh record high today owing to gains in IT stocks. This comes after Accenture forecasted annual revenue growth above expectations. The company's stock soared over 7 per cent in overnight US trading. Sensex is also higher today as it extended gains from the previous session ahead of upcoming budget. Investors look reassured amid policy continuity and a possible return of foreign institutional investors (FIIs).
Read more: Stanley Lifestyles IPO opens for subscription today: 8 things to know
The broader market saw gains across all indices, including Nifty Midcap, Nifty Small Cap, and Nifty 100. However, sectoral indices on the National Stock Exchange such as Nifty Bank, Nifty Auto, Nifty Financial Services, Nifty FMCG, Nifty Private Bank, and Nifty Realty registered losses.
Expert view on stock market
Read more: Why pulses and vegetables will continue to cost higher in India amid heatwave?
Ajay Bagga, Banking and Market Expert, said, “In the US, markets had a soft close after seven days of gains, with some selling in Big Tech stocks. However, the overall momentum remains positive. Next week's Lok Sabha Speaker election and the Union Budget expectations will be the key drivers for the Indian markets.”
Read more: Zomato to not deliver your orders in plastic containers? Deepinder Goyal's reply
He added, "In anticipation of these, we could see a run up in the traditional beneficiaries of the public capex initiatives like capital goods, infrastructure, banks. Defence and railways stocks have already run up a lot and have been seeing some profit taking in recent days."
Varun Aggarwal, MD, Profit Idea, said, “Currently, the market is in a consolidation phase without significant triggers for aggressive buying or selling. Despite this, the underlying sentiment remains bullish, prompting investors to view dips as buying opportunities, thereby bolstering market resilience. However, sharp upward movements may trigger profit-taking, potentially limiting sustained rallies."
Read more news like this on HindustanTimes.com