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CosmicTaco
CosmicTaco
Grapevine

IT Stocks Lead Rise in India's Nifty 50 to Record Highs

  • India's Nifty 50 index rose to record highs on Monday, driven by strong performance in the IT sector.
  • The NSE Nifty 50 climbed 0.4% to a record high of 24,598, while the S&P BSE Sensex added 0.2% to 80,654 points.
  • Strong buying in IT stocks, particularly after TCS's positive results, provided a significant boost to the market.
  • HCLTech saw a 3.5% rise in shares after reporting increased revenue and growth projections for the ongoing quarter.
  • Indian IT companies have benefited from expectations of a U.S. rate cut, with the odds of a 25 basis point cut rising to 90%.

Source: Reuters

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Indian stock market hits new highs:

->BJP-led NDA leads pre-poll surveys ->Strong global cues,ECB rate cut expectations ->FII buying activity ->Anticipated RBI rate cuts ->Broad-based rally in small/mid-cap stocks