THE BULLS HAVE seized control of the domestic stock markets, sending benchmark equity indices soaring to fresh record highs in July and announcing a successful beginning to the earnings season of Q1FY24. On July 18, the benchmark BSE Sensex scaled the 67,000 summit intra-day for the first time, thanks to sustained inflows from FIIs. The Nifty 50, too, hit a high of 19,819. Just days earlier, the Sensex had breached the 66,000-mark intra-day on July 13, after market participants gave a thumbs up to the financial results of IT majors TCS and HCL Technologies.
TCS, the largest IT firm by revenue, recorded a net profit of ₹11,074 crore in Q1FY24, up 17 percent year-on-year (YoY), while HCL Tech reported a net profit of ₹3,534 crore, up 7.6 percent YoY. After the results were announced, shares of TCS and HCL Tech closed 2.47 percent and 0.09 percent higher, respectively. Market analysts predict that Nifty companies will record strong bottom line growth in Q1FY24. Overall, profit growth is expected to be driven once again by the BFSI (banking, financial services and insurance) and automotive sectors.
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