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Benchmark indices hitting fresh record highs largely supported by IT stocks posting inline quarterly earnings
At close, the Sensex was up 847.27 points or 1.18 percent at 72,568.45, and the Nifty was up 247.30 points or 1.14 percent at 21,894.50.
The biggest gainers on the Nifty included Infosys, ONGC, Tech Mahindra, LTIMindtree, and TCS, while losers were Cipla, Apollo Hospitals, Power Grid Corporation, UltraTech Cement, and Bajaj Finserv.
Among sectors, except auto, power, and healthcare, all other sectoral indices ended in the green with the IT index rising 5 percent, and realty and oil & gas indices up 2 percent each.
BSE midcap and smallcap indices added 0.4 percent each.
The Indian Rupee appreciated against the US dollar and stands at 82.98 per Dollar
Stocks Today
Infosys: Shares of the IT major gained over 7 percent in session after brokerages said the worst was behind for the company which reported strong new deal wins in Q3. The firm reported a 1.7 percent sequential decline in the December profit, well below the Street’s estimates.
Tata Consultancy Services: The company shares gained 4 percent on in-line earnings for the December quarter on revenue and margin beat and a healthy deal pipeline. The IT services company reported an 8.2 percent on-year growth in net profit at Rs 11,735 crore and a 4 percent rise in revenue at Rs 60,583 crore.
UltraTech Cement: Shares of the cement major declined over a percent after the Aditya Birla Group company announced a plan to acquire a 26 percent equity in Delhi-based Amplus Ages for Rs 49 crore.
Polycab India: The stock gained nearly 3 percent in a major relief for investors after the company said it had not received any written communication from the income-tax department regarding the outcome of the search. The stock crashed 21 percent on January 11 after the I-T department that searched over 50 company premises said it unearthed “unaccounted cash sales” of about Rs 1,000 crore.
Mahindra and Mahindra: Shares of the automobile major declined after the company reported a 41 percent decline in exports in December from the year-ago period. The utility vehicle and tractor manufacturer exported 1,819 units in December 2023, down from 3,100 vehicles in the year-ago period, Mahindra and Mahindra said in an exchange filing
Life Insurance Corporation: The stock closed almost a percent lower after the state-owned insurer received two demand orders of Rs 3,528.75 crore from the income tax authorities in Mumbai.
KPI Green Energy: Shares of the renewable energy company gained 1 percent after its arm, KPIG Energia Pvt Ltd, received an order for a solar power project. The stock has gained 250 percent this year.