Indian equity benchmarks extended their winning streak into a seventh consecutive session today, propelled higher by a vigorous rally in technology stocks and positive cues flowing from a strong overnight performance in US markets.
The Sensex reclaimed the psychological 80,000 mark for the first time in over three months, while the Nifty 50 climbed towards the 24,300 level.
Sensex reclaims milestone, Nifty advances steadily
Opening on a positive note, the markets sustained momentum throughout the session.
The S&P BSE Sensex ultimately closed significantly higher, although specific closing figures varied slightly from the initial text.
The key achievement was breaching the 80,000 level, a feat last accomplished on January 3, 2025, marking 73 trading days or 110 calendar days since.
The Nifty 50 also saw smart gains, trading near the 24,300 mark during the session before settling slightly lower but still firmly in positive territory.
Tech sector takes center stage
The standout performer today was undoubtedly the information technology sector.
The Nifty IT index soared an impressive 3.2% to 35,025.65, significantly outperforming other sectoral gauges. Leading the charge was HCL Technologies, whose shares jumped a remarkable 7.4% to an intra-day high of Rs 1,588.
This surge followed the IT giant’s robust Q4 earnings report and positive guidance, which brokerage houses viewed bullishly, particularly noting the company’s perceived limited exposure to potential US tariff impacts.
HCLTech’s CEO further bolstered sentiment by stating the company had seen no tariff impact so far.
The positive momentum lifted the entire Nifty IT pack, with all constituents reportedly trading higher, a stark contrast to recent sluggishness in the sector.
Drivers behind the market ascent
Several factors converged to fuel today’s rally:
- US market rebound: A powerful overnight rally on Wall Street provided a significant tailwind. US indices snapped a four-day losing streak, closing sharply higher (Dow +2.66%, S&P 500 +2.51%, Nasdaq +2.71%). This US upswing was partly attributed to comments from US Treasury Secretary Scott Bessent.
- Trade de-escalation hopes: Speaking to investors privately, Bessent reportedly expressed expectations for a “de-escalation” in the US-China trade war in the “very near future,” calling the high-tariff standoff unsustainable. This eased investor anxieties globally.
- Musk refocusing on Tesla: Relief among Tesla investors after CEO Elon Musk indicated he would scale back his government-related work and dedicate more time to the electric vehicle company also contributed to the positive US backdrop, addressing concerns about his political activities potentially harming the brand.
- Commodity context: While domestic gold prices saw activity linked to festivals and wedding season, pushing 24-carat rates to reported highs near Rs 1,01,600/10 grams, the global outlook presented a different picture.
Gainers led by tech, financials lag slightly
Reflecting the tech dominance, today’s top gainers on the main indices included HCLTech (surging around 7.14%), followed by Tech Mahindra (+4.20%), Infosys (+3.34%), and TCS (+2.14%).
Automaker M&M also joined the rally with a gain of 2.37%.
On the losing side, some profit-taking or consolidation was seen in select financials and telecom, with Bharti Airtel (-0.32%), HDFC Bank (-0.44%), Kotak Bank (-0.45%), Bajaj Finance (-0.46%), and Eternal [-0.48%] seeing minor dips.
Despite some slight pullback in select heavyweights, the overall market breadth remained positive, indicating continued underlying strength as the winning streak extended to seven sessions.
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