Nifty 50 hits record high with IT stocks leading, positive outlook on IT sector

From Hindustan Times: 2024-07-05 09:11:53

1. Indian benchmark indices continue bullish streak for fifth consecutive week, with Nifty 50 reaching record high of 24,323 points.
2. IT stocks lead the rally, with Infosys gaining 5.15% and Nifty IT index ending bearish streak with an 11.65% gain in June.
3. Nomura and CLSA upgrade ratings for Infosys and Wipro, reflecting positive outlook on India’s IT services sector.
4. Potential rate cut by US Federal Reserve in September amid cooling economy signals and weakening dollar index.
5. Markets eye September Fed move with 74% probability of interest rate cut, awaiting US non-farm payroll data release today.



Read more at Hindustan Times: Nifty 50 records longest weekly winning streak of 2024, ends at record high; check top performers