Try GOLD - Free
Tech stocks power market to new high
Mint Mumbai
|January 13, 2024
The Nifty and Sensex broke out of a two-week range to hit record highs on Friday, after beaten-down tech stocks rose the most in almost three-and-a-half years on hopes that rate cuts in developed economies would increase software spends by companies located there. The outlook for equities remains bullish, with IT stocks set to join the rally with banking stocks after a year of underperformance.
The Nifty rose to a record high of 21,928.25, while the Sensex surged to a fresh life high of 72,720.96, before settling slightly lower. The Nifty and Sensex ended up 1.14% and 1.18% higher at 21,894.55 and 72,568.45.
The biggest contributors to the Nifty’s 247-point gain were Infosys that added 88.65 points or almost 36% of the index move, TCS (31.25 points), ICICI Bank (18.15 points), L&T (15.84 points) and Reliance Industries (15.34 points). Infosys and TCS alone accounted for almost half of Nifty’s Friday gains.
The rally in Infosys, TCS, TechM and LTIMindtree moved the sectoral Nifty IT needle by 5.14%, its highest since 15 July 2020, when it rose 5.24%.
The Nifty, as per option writers, could trade in a 21,800–22,300/22500 range next week, with the bias tilted to the upside.
This story is from the January 13, 2024 edition of Mint Mumbai.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Mint Mumbai
Mint Mumbai
In a sea of tech talent, companies can’t find the workers they want
There has rarely, if ever, been so much tech talent available in the job market. Yet many tech companies say good help is hard to find.
4 mins
October 03, 2025
Mint Mumbai
Hexaware sued for $500 million in US over patent breach
American IT services firm Natsoft Corp. has sued Hexaware Technologies Ltd for breach of contract and patent infringement, seeking $500 million in damages from the latter, in one of the biggest patent cases against an Indian IT firm.
3 mins
October 03, 2025
Mint Mumbai
GST boom ahead?
India's latest goods and services tax (GST) revenue figures paint an optimistic picture.
1 min
October 03, 2025
Mint Mumbai
H-1B clampdown may extend to US college faculty
Rising anti-immigration sentiment in the US is no longer confined to moves to limit foreign technology workers from entering the country.
2 mins
October 03, 2025
Mint Mumbai
FPIs pull record ₹2 tn on valuations, weak rupee
Heavy outflows could cap market gains; Nifty returns just 0.3% in dollar terms
2 mins
October 03, 2025
Mint Mumbai
Instant grocery delivery is going luxe to stand out
Blinkit joins the race as it expands to ozone-washed fruits and artisanal breads to cheese
2 mins
October 03, 2025
Mint Mumbai
Next-gen reforms to tackle land, women's participation
The initiatives seek to tackle some of the intractable challenges in India's development story
2 mins
October 03, 2025
Mint Mumbai
Why India's best students face a tough job market
Students entering this year's placement season are stepping into a rough job market.
2 mins
October 03, 2025
Mint Mumbai
Govt scans e-commerce cos’ COD charges, refund delays
The government will examine if cash-on-delivery charges imposed by online retailers are aimed at nudging consumers to pay upfront, and why refunds are delayed or blocked if prepaid orders are cancelled, said two people aware of the matter.
2 mins
October 03, 2025
Mint Mumbai
WHY INDIA IS SEEKING A NEW SUNRISE IN JAPAN
India missed out on Japanese investment in its initial post-reform years. That could change now
7 mins
October 03, 2025
Listen
Translate
Change font size