Current stock market: IT stocks soar as the Nifty reaches a fresh record high.
Current stock market: The Sensex increased today in anticipation of the impending budget, building on gains from the previous session.
Current stock market: Today’s Nifty record high was achieved by gains in IT equities. This follows Accenture’s above-expected yearly revenue growth estimate. The company’s shares surged more than 7% during the course of overnight US trade. Ahead of the impending budget, the Sensex increased today as well, building on gains from the previous session. Amidst policy consistency and the potential comeback of foreign institutional investors (FIIs), investors are reassured.
All of the market’s indices, including the Nifty Midcap, Nifty Small Cap, and Nifty 100, recorded rises. Nifty Bank, Nifty Auto, Nifty Financial Services, Nifty FMCG, Nifty Private Bank, and Nifty Realty are among the sectors indexes on the National Stock Exchange that experienced losses.
After seven days of advances, the US markets experienced a lackluster close, with some selling in big tech firms, according to banking and market expert Ajay Bagga. The general momentum is still favorable, though. The Union Budget forecasts and the Lok Sabha Speaker election next week will be the main catalysts for the Indian markets.
“We could see a run-up in the traditional beneficiaries of the public capex initiatives like capital goods, infrastructure, and banks in anticipation of these,” he continued. The equities of defense and railroads have already experienced significant price increases and recent profit-taking.”
“At this point, the market is in a consolidation phase without significant triggers for aggressive buying or selling,” stated Varun Aggarwal, MD of Profit Idea. The underlying sentiment is still strong in spite of this, which encourages investors to see losses as opportunities to purchase, strengthening the market’s resilience. Sharp increases, however, can cause profit-taking and so prevent long-term rallies.”
