Markets hit a record peak as benchmark indices touched new 52-week-high after profit booking was observed in the last trading session. BSE Sensex reached a new high at 80,893, while NSE Nifty was close to touching 24,600 level mark.
IT stocks came out on top in the market with TCS, Tech Mahindra, HCL and Infosys leading the charge. Industry heavyweights like Reliance, Adani Ports and Axis also saw gains and followed suit.
TCS was the biggest gainer among BSE Sensex companies after the IT giant reported its quarterly earnings on Thursday. In Q1FY25, the IT firm posted an 8.72 per cent year-on-year increase in net profit, reaching Rs 12,040 crore, up from Rs 11,074 crore recorded in the corresponding quarter of the previous year.
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At 11:40 am, the shares of the IT company were trading at Rs 4,112 price level, up by nearly 5 per cent on the National Stock Exchange.
Revenue, meanwhile, grew by 2.24 per cent YoY to Rs 62,613 crore.
The positive domestic cue is the better than expected numbers from TCS and positive management commentary which can lift most IT stocks, said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
"An important trend in the market now is that segments like Railways and Defence are booming unabated on hopes while financials are under pressure on fears of declining deposit growth. Both these trends are a bit overdone. Investors can think of moving some money from the overvalued segments to segments which are attractive from the valuation perspective," he added.
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