TCS and other IT stocks push Nifty to record high, Maruti Suzuki India declines

From Benzinga: 2024-07-12 07:49:00

The Nifty 50 index surged 0.77% to a record high of 24,502.15, led by IT stocks. TCS saw a 6.63% increase in stock price post strong Q1 results, with a net profit of ₹12,040 crore. Wipro, Infosys, HCLTECH, LTIMindtree also gained. Maruti Suzuki India was the top loser with a 1.20% decline.

In the stock market, TCS emerged as the top gainer with a 6.63% increase, followed by Wipro, Infosys, HCLTECH, and LTIMindtree with 4.88%, 3.57%, 3.19%, and 3.05% gains respectively. Maruti Suzuki India was the biggest loser with a 1.20% decline, followed by Divi’s Lab, Coal India, Asian Paints, and BPCL.

Market analysts anticipate a positive trend in stock-specific movements due to ongoing earnings season and upcoming budget. Strong results from IT companies and potential US rate cuts are boosting market sentiment. The Nifty index closed at 24,502, up 0.77%, driven by IT, energy, and FMCG sectors. Broader indices performed averagely compared to the benchmark.



Read more at Benzinga: TCS, IT Stocks Power Nifty To Fresh All-Time High