A sharp rally in IT stocks powered the Sensex to close above the 66,000 mark for the first time ever on Friday.
IT heavyweights led the rally as the BSE Sensex closed at 66,060, up 502 points.
Among IT heavyweights, TCS was up 5.1 per cent, Tech Mahindra was up 4.4 per cent, while Infosys was up 4.4 per cent.
HCL Tech was up 3.8 per cent, while Wipro was up 2.6 per cent.
Vinod Nair, Head of Research at Geojit Financial Services, said that controlled inflation in the US has instilled optimism among the investors that a 25 bps rate hike will be adequate to stabilise the US economy. This improved prospect has contributed to the strong buying of Indian IT stocks despite muted Q1 earnings.
Also, the broad-based rally in the domestic market was supported by India's consecutive third-month decrease in wholesale prices, along with the positive involvement of FIIs, he said.
This story is from the July 15, 2023 edition of The Statesman.
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This story is from the July 15, 2023 edition of The Statesman.
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