As Sensex touched its all-time high, crossing the 71,000 points mark on Friday hours before the markets closed for the week, the Nifty IT index also touched a new record high for the second day in a row, crossing 2,300 points since Wednesday.
This major milestone was achieved by the Nifty IT index on Friday, but not without the help of top Indian tech companies like Tata Consultancy Services, Infosys, Wipro and HCL Technologies, all of which have been seeing a significant spike in share prices.
Over the last two market sessions, there has been an increased buying interest in the shares of these companies. TCS share prices touched a record high of ₹3,840 on the NSE, while Infosys saw a record growth in the last two sessions, touching ₹1,569 apiece on the stock market.
Why are IT company stocks rising?
IT stocks are currently rising due to the buzz around the US Fed’s rate cut, which was hinted at during the US Fed meeting. The rate cut solely depends on the economic state of the United States. The stronger the economy, the larger the amount of business drawn in by Indian IT companies by global partners.
Not only this, but the stronger value of the US Dollar against the Indian National Rupee (INR) is also tilting the scales in favour of Indian IT companies when it comes to their share prices and valuation.
Indian IT companies have a strong business connect with global firms, mostly based in the United States. If the US economic data continues to remain strong and the US dollar continues to progress, the share prices of firms like TCS and Wipro will be touching new highs.
Sensex crosses 71,000 mark
The BSE Sensex created history on Friday by crossing the 71,000 points mark for the first time. In a landmark moment for the Indian stock market, the 30-share BSE Sensex jumped 569.88 points to reach its all-time high of 71,084.08 during the morning trade.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
