Why Did Sensex & Nifty Hit New Highs? Unveiling the Surge Propelled by IT Stocks, with Wipro Rallies 8%

In the opening session on January 15, 2024, Nifty reached the 22,000 mark for the first time, marking an all-time high in the Indian stock market. At 10:04 AM, the Sensex soared by 473 points to 73,042, while Nifty rallied by 107 points, trading at 22,002.

Bulls, driven by a surge in IT stocks, took control again. The IT index rose by 2.5 percent, with Wipro leading the charge, surging over 8 percent. This surge followed Wipro’s Q3 earnings, which exceeded expectations. Wipro’s American Depository Receipts (ADRs) also soared, nearly 18 percent up, reaching a near-20-month high of $6.35 after the company announced its results on January 12.

However, Wipro reported a 12 percent year-over-year decrease in net profit, totaling Rs 2,694 crore. Its consolidated revenue dropped by 4.4 percent year-over-year to Rs 22,205 crore. Meanwhile, the company’s net income for the third quarter of the current financial year saw a 1.8 percent quarter-over-quarter increase, reaching Rs 2,690 crore ($323.9 million).

Also read: Lupin, Oracle Financial Services Top 2 Stocks Which Can Fetch up to 13% Return

Other stocks that saw gains included Tech Mahindra and HCL Tech, each adding over 3 percent, followed by Infosys and LTI Mindtree.

Top Nifty50 Gainers

Top Nifty50 Losers

Bank Nifty was also trading in the positive territory adding 0.5 percent led by HDFC Bank, State Bank of India, and Punjab National Bank which gained 0.5-1 percent each.

Around 1229 stocks advanced and 1125 declined while 105 stocks remained unchanged.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.