Stock Market at Close: Sensex, Nifty jump 1% Each; Infosys, Tech Mahindra, TCS Rally

The Indian stock market rallied on January 12, 2024, hitting a fresh record high. At close, Sensex zoomed 847 points at the 72568 mark while Nifty jumped 247 points and ended the session on the 21,894 mark.

Among sectors, except auto and healthcare, all other sectoral indices ended in the green with the IT index rising 5 percent, and realty and oil & gas indices up 2 percent each.

Around 13636 stocks advanced and 1164 declined while 117 remained unchanged as the stock market rallied.

Top Nifty50 Gainers

Top Nifty50 Losers

Asian markets slide

Asia markets slipped on January 12, 2024, as China’s annual exports dropped for the first time in seven years. However, Japanese stocks bucked the trend to extend their record rally. Nikkei jumped 1.48 percent at 35,577 while Kospi shed 0.6 percent at 2,525. Hang Seng was down 0.35 percent at 16,244 level.

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European markets rise

European markets edged higher in the early session on January 12. The Stoxx 600 was 0.9 percent higher, with all sectors trading in positive territory. FTSE gained 0.72 percent at 7,631 while CAC added 1.02 percent at 7,463 level. German DAX was up 0.9 percent at the 16,695 mark.

Oil prices spike 2.5%

il prices rose more than 2.5 percent on January 12, 2024, as the United States and Britain carried out air and sea strikes on Houthi military targets in Yemen in response to attacks by the Iran-backed group on shipping in the Red Sea.

The attack added to market concerns about the potential impact a broader conflict in the Middle East would have on oil supplies from the region, especially those moving through the critical Strait of Hormuz.

Brent crude futures were up $1.95, or 2.5 percent, at $79.36 a barrel. US West Texas Intermediate crude futures were $1.99 firmer, or 2.8 percent, at $74.01.

IT stocks rally

Indian IT stocks rallied up to 8 percent on Friday after market leaders Tata Consultancy Services and Infosys posted better-than-feared quarterly reports and gave optimistic forecasts that eased concerns about a sector grappling with sluggish demand, according to a Reuters.

The 10-member Nifty IT index jumped 5 percent to a 21-month high, on track for its best day since July 2020 and powered the benchmark Nifty 50 to a record high.

At close, Infosys jumped 8.08 percent at Rs 1,615 while Tech Mahindra gained 4.69 percent at Rs 1,308. HCL Tech gained 4.65 percent at Rs 1,553 while TCS added 3.92 percent at Rs 3,881.90.

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