• By Aditya Pratap Singh
  • Mon, 15 Jan 2024 10:45 AM (IST)
  • Source:JND

Stock Market Today:  The Stock Market on Tuesday maintained the strong bullish momentum seen in benchmark indices on Friday (January 12) to Monday's trading session as well. Both Nifty 50 and the S&P BSE Sensex hit new record highs During the early hours.

As soon as the stock market opened today, the Nifty 50 touched a fresh high of 22,081 points, crossing the 22,000 mark for the first time. Meanwhile, the S&P BSE Sensex surged 73,049 points to touch an all-time high. It has crossed the 73,000 mark for the first time.

The extraordinary rally was mainly driven by the stocks of the information technology (IT) sector. Stocks of industry leaders such as Infosys, TCS, Wipro and HCL delivered a strong performance in the third quarter of FY2024.

As of 10:27 am, shares of Wipro are trading up 5.90% at around ₹490, while Infosys, TCS and HCL are trading up 3.14%, 2.09% and 3.79% respectively in early hours.

Also Read: India Economy Likely To Clock 6.9-7.2% GDP Growth in FY'24: Deloitte

Reason Behind Share Market Rally

It Stocks Strength

Nifty IT gained over 3% led by Wipro and HCL Tech. Among the Sensex back stocks, IT stocks were the top contributors. Cheer up by quarterly data, the stocks have been showing strength since the last trading day.

World markets

As the new trading week starts, Asian markets rallied on Monday. Japan's Nikkei, which had already enjoyed impressive gains of 6.6% last week, rose 1.2% to a new 34-year high. China's Shanghai Composite rose 0.36%, Hong Kong's Hang Seng rose 0.11%.

FIIs

Foreign institutional investors (FIIs) have bought Indian stocks worth Rs 3,864 crore so far in January. However, FIIs sold Indian stocks for a net Rs 340 crore on Friday, while domestic institutional investors bought shares worth Rs 2,911 crore.

Low oil prices

Oil prices fell on Monday as traders saw the risk of supply disruptions in the Middle East following strikes by US and British forces to prevent Houthi rebels in Yemen from attacking ships in the Red Sea.

Also read: Retail Inflation Jumps Up To 4-Month High Of 5.69% In December: Report