The Nifty 50 hit a fresh all-time high of 24,592.20, while the Sensex peaked at 80,893.51 during the session. The Nifty 50 jumped 186 points (0.77 %) to settle at 24,502.15, and the Sensex gained 622 points (0.78 %) to close at 80,519.34.
Impact on the stock market
The IT sector led the market rally, driven by Tata Consultancy Services (TCS), which posted impressive Q1 earnings. The IT index surged over 4%, buoyed by TCS’s 6.68% stock gain to ₹4,184.90. HCLTech’s upcoming results also added to the sector’s momentum, despite expectations of a 1% quarter-on-quarter revenue decline to ₹28,094 crore.
Also read: Tcs q1 results 2024
| Sector/Index | Performance |
| IT & BPM sector | +4.53% |
| Healthcare sector | +0.01% |
| Oil & Gas sector | +0.59% |
| Real estate sector | -1.50% |
| PSU Bank in India | -0.53% |
Top gainers today
| Company | Price | Change (%) |
| TCS share price | 4,183.95 | +6.63 |
| Wipro share price | 560.15 | +4.88 |
| Infosys share price | 1,711.75 | +3.57 |
| HCL Tech share price | 1,560.20 | +3.19 |
| LTIMindtree share price | 5,572.65 | +3.05 |
Top losers today
| Company | Price | Change (%) |
| Maruti Suzuki share price | 12,562.50 | -1.20 |
| Divis Labs share price | 4,539.30 | -0.94 |
| Coal India share price | 496.20 | -0.77 |
| Asian Paints share price | 2,999.15 | -0.76 |
| BPCL share price | 304.55 | -0.67 |
Market aftermath: Impact on stocks
IREDA Share Price Hits Lifetime High Ahead of Q1 Results: Should You Buy?
The Indian Renewable Energy Development Agency (IREDA) share price hit a lifetime high ahead of its Q1 results. Over the past three sessions, IREDA shares surged from ₹240.53 to ₹303.70, marking a substantial 25 % rise.
With 25-30% CAGR and a market share of 29% in incremental. The upcoming Union Budget 2024, which may include a Production-Linked Incentive (PLI) scheme for renewable energy, is also expected to boost IREDA shares.
You may also read: IREDA touches 200% returns after IPO: Should you book profits?
Cyient shares surge 7%
Shares of Cyient Limited surged over 7 % to ₹ 1,905 after the company announced a strategic expansion of its semiconductor business with a fully owned subsidiary. The global semiconductor market is expected to hit a trillion dollars by 2030.
The Indian Electronics and Semiconductor Association (IESA) forecasts the industry’s growth to reach USD 100 billion by 2030. Cyient aims to capitalise on these vast growth opportunities.
Inox Wind stock soars 10%
Inox Wind shares jumped 10 % to hit an intraday high of ₹ 175 on the NSE, continuing its impressive performance over the past year. The stock has zoomed over 247 %, more than tripling investors’ money, compared to a 26 % rise in the Nifty 50.
The recent surge is attributed to expectations of continued government focus on renewable energy in the upcoming Union Budget. Inox Wind recently bagged a 200 MW order for its latest 3 MW Wind Turbine Generators (WTGs) and received a ₹ 900-crore capital infusion from promoter Inox Wind Energy Limited (IWEL).
Also Read: inox wind share price gains 5 %
Crude oil
Crude oil prices remain a critical factor for the economy. CRISIL forecasts crude prices to average between USD 83-88 per barrel in FY25, which could increase the government’s fiscal burden. While Brent crude prices were stable at USD 82.6 per barrel in June, they were still higher year-on-year.
This has implications for India’s fiscal deficit and borrowing plans. The government aims to reduce the fiscal deficit to 5.1% of GDP in FY25 from 5.6% the previous year, with a projected gross market borrowing of ₹14.1 lakh crore.
Conclusion
The Indian stock market experienced a bullish session with record highs in the Nifty 50 and Sensex, driven by robust IT sector performance and positive global cues.
Key stocks like IREDA, Cyient, and Inox Wind showed significant gains due to strategic business moves and optimistic market expectations. Crude oil prices remain volatile,
Stay tuned on StockGro for more updates on market trends.
