IT stocks, Reliance boost sensex, Nifty to 5-month high


BENGALURU: Indian stocks rose on Friday, with the Nifty 50 rising to a five-month high, led by information technology (IT) stocks and a rise in Reliance Industries, the country’s largest company by market cap.
The blue-chip Nifty 50 index closed 0.97% at 18,499.35, while the benchmark S&P BSE Sensex rose 1.02% to 62,501.69.
Both Nifty and Sensex posted weekly gains of over 1%, jumping to their highest levels since December 2022.
All 13 major industry indices rose, with the heavily weighted IT index up almost 1.5% and all 10 index constituents posting gains. HCLTech Ltd and Wipro Ltd were among the top winners of the Nifty 50.
IT stocks received a boost after a sharp overnight rise on the tech-heavy Nasdaq, buoyed by strong gains in chipmaker Nvidia.
Progress in US debt ceiling negotiations ahead of the June 1 deadline also supported sentiment in global markets.
Among individual stocks, Reliance Industries Ltd rose nearly 3% after global brokerage firm Bernstein estimated that its units Reliance Retail and trust jio would eventually claim the lion’s share of India’s $150+ billion e-commerce market.
Zee Entertainment Enterprises Ltd rose nearly 7% after the National Company Law Appellate Tribunal (NCLAT) overturned an earlier decision by the National Company Law Tribunal (NCLT) to merge with Sony, a lawyer source with direct knowledge of the case told Reuters.
Separately, Christopher Wood, global head of equity strategy at Jefferies, said in a newsletter that “there is no apparent trigger for valuation depreciation in Indian markets as the monetary tightening cycle comes to an end.”
Wood said it was only a matter of time before the Sensex hit 100,000 and remained optimistic about an investment cycle in India.

Source link


Please enter your comment!
Please enter your name here

Share post:




More like this