Sensex Today Rallies 622 Points | Nifty Tops 24,500 Mark | 3 Reasons Why Indian Share Market is Rising

Fri, 12 Jul Closing

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After opening the day on positive note, Indian share markets continued the momentum as the session progressed and ended on firm footing.

Benchmarks Sensex, and Nifty50 indices rose to record highs on Friday lifted by a solid rally in information technology (IT) stocks.

At the closing bell, the BSE Sensex stood higher by 622 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 186 points (up 0.8%).

TCS, Wipro and Infosys were among the top gainers today.

Maruti Suzuki, BPCL and Coal India on the other hand, were among the top losers today.

The GIFT Nifty was trading at 24,535 up by 130 points, at the time of writing.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended and BSE SmallCap index ended 0.2% lower.

Sectoral indices are trading mixed with socks in power sector, banking sector and IT sector witnessing most buying. Meanwhile stocks in realty sector and power sector witnessed selling pressure.

Shares of Axis Bank, Trent and REC hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 83.52 against the US$.

Gold prices for the latest contract on MCX are trading 0.3% lower at Rs 73,120 per 10 grams.

Meanwhile, silver prices were trading 1.2% lower at Rs 93,025 per 1 kg.

Here are three reasons why Indian Markets are rising today

#1 IT Stocks Rally

Indian benchmark equities hit a fresh all-time high on Friday, driven by IT stocks after heavyweight Tata Consultancy Services (TCS) surpassed revenue estimates for the June quarter.

#2 Sectoral Gains

On the sectoral front, barring the Nifty Realty index, all sectoral indices traded in the green in early trade. Nifty IT rose 1.6%, while Nifty Media surged 1.3%. In the broader market, Nifty Midcap 100 gained 0.23%, and Nifty Smallcap 100 surged 0.6%.

#3 Global Markets

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed, though was on track for a 1.6% increase for the week, helped by growing bets of imminent US rate cuts.S&P 500 futures were little changed, while Nasdaq futures fell 0.02% and EUROSTOXX 50 futures were flat.

Speaking of the stock market, pick any theme, be it infrastructure, green energy, defence, railways, digitisation... behind the chased after front runners, there is likely to be a group of companies that are critical for the big companies to play the cycle.

The big profits could be in the pick and shovel makers and suppliers in the smallcap space. In investing parlance, you could call it proxy investing.

Richa Agarwal, Research Analyst, in her latest video talks about such companies

Tune into below video for more details.

RCF Zooms 10%. Here's Why

In news from the fertilizer sector, shares of Rashtriya Chemicals and Fertilizers Ltd (RCFL) surged around 10% on 12 July to hit a fresh record high of Rs 244.9 on the National Stock Exchange (NSE) after the company announced a significant development.

The Board of Directors of the company approved a purchase order worth Rs 5.2 bn for Topsoe A/s to procure a Basic Engineering Design Package (BEDP) and supply proprietary equipment and catalysts.

This move aims to revamp the Ammonia Plant at RCF Thai, focusing on reducing specific energy consumption. The announcement, made following SEBI regulations, has generated positive investor sentiment, driving up the stock price.

The order needs to be executed within 36 months or 3 years.

RCF is a public-sector fertiliser and chemical manufacturer. Established in 1978 following the reorganisation of the former Fertiliser Corporation of India Ltd. into five separate entities, it operates two main units including one in Trombay, Mumbai, and another in Thal, Raigad district, located approximately 100 km from Mumbai.

In the last one year, the multibagger PSU stock has zoomed over 102%, doubling investors' money.

To know why this fertilizer stock has seen a steep jump, check out Why RCF Share Price is Rising.

Cyient to Expand Semiconductor Business

Moving on to news from the IT sector, shares of Cyient surged over 7% to Rs 1,905 in the afternoon on 12 July after the company announced a strategic expansion of its Semiconductor business with the establishment of a fully owned subsidiary.

Cyient is a Hyderabad-based multinational technology company is focused on engineering, manufacturing, data analytics, networks and operations.

The company's expertise in semiconductor electronics, through Cyient DET and Cyient DLM, has led to the creation of a new subsidiary focused on ASIC design and chip sales using a fabless model for analogue mixed-signal chips. This move aims to add value for stakeholders with continued support.

With a portfolio of over 600 IPs, strong customer relationships, and global capabilities, Cyient is positioned for significant growth.

The new subsidiary will enhance Cyient's industry position by delivering specialized ASIC design and chip sales, adapting to market demands, and meeting the technology and capital needs of the industry.

Cyient is a mid-sized IT company providing a comprehensive range of software services to various sectors such as aerospace, defence, healthcare, and energy.

Formerly known as Infotech Enterprises, Cyient has come a long way from humble beginnings as a GIS data conversion vendor (the process of translating spatial data from one format or type to another within a Geographic Information System) to a formidable engineering player.

Why IT Stocks are Rising

Moving on, the Nifty IT index surged nearly 5% on 12 July driven by strong performances from TCS, Infosys and Wipro.

This wave of optimism in the IT sector followed TCS's announcement of its Q1 FY25 earnings on 10 July after market hours, where the company's consolidated net profit and revenue exceeded analysts' expectations.

Shares of HCLTech, Infosys, LTIMindtree, Wipro, and TCS were up between 3-7%, making them the top gainers in the Nifty 50 index.

Midcap IT stocks also experienced a significant surge. Shares of Cyient, Oracle, Persistent Systems, Mphasis, Zensar Tech, Coforge, Sonata Software, and KPIT Tech climbed between 4-11%.

IT stocks drove the Nifty and Sensex to record highs on 12 July 2024.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers