Mumbai– Indian stock markets continued their winning streak for the seventh consecutive session on Wednesday, led by strong gains in IT shares, even as geopolitical concerns lingered.
The Sensex opened with a sharp 548-point jump to 80,142, reaching an intraday high of 80,255. However, selling pressure in banking stocks pulled the index down to a low of 79,507 before it rebounded to close 521 points higher at 80,116, marking a fresh calendar-year high. Over the past seven sessions, the Sensex has gained 8.5%, or 6,269 points.
The Nifty 50 followed a similar trajectory, opening at 24,359 before slipping to 24,120, but ultimately closed 162 points higher at 24,329. The index has risen 8.6% or 1,930 points during this seven-day rally.
The standout performers were IT stocks. HCL Technologies surged nearly 8% after posting an 8.1% increase in net profit and 6.1% revenue growth for the fourth quarter, its best single-day performance since September 2019. Tech Mahindra and Infosys gained 5% and 4%, respectively, while TCS added 2.5%.
Beyond the IT sector, shares of Tata Motors, Mahindra & Mahindra, Sun Pharma, Tata Steel, Maruti Suzuki, Nestlé India, and Larsen & Toubro also posted solid gains.
However, banking stocks faced selling pressure. Shares of Kotak Mahindra Bank, HDFC Bank, SBI, and Axis Bank declined 1-2% amid profit-taking.
In the broader market, the BSE MidCap index rose 1%, while the SmallCap index edged up 0.2%. Sectorally, Nifty IT led the way, climbing 4.3%, followed by the auto index at 2.5%, while pharma and realty each advanced 1.4%.
Analysts attributed the sustained rally to strong global cues and robust corporate earnings.
“The positive sentiment was largely driven by upbeat earnings and a rally on Wall Street, where U.S. indices surged after President Donald Trump offered reassuring comments about Federal Reserve Chair Jerome Powell and ongoing trade talks with China,” said Sundar Kewat of Ashika Institutional Equity. (Source: IANS)
