Sensex jumps 800 points: Why is the stock market rising today?
India Today
The Sensex was up 825.79 points, or 1.09%, at 76,896.63, while the Nifty 50 gained 239.10 points, or 1.01%, to trade at 23,820.25 as of 11:44 AM. It may be noted that the Sensex has gained over 2,000 points this week after a sharp losing spree.
Benchmark equity indices rallied sharply in morning trade on Tuesday, with the Sensex rising over 800 points and the Nifty 50 crossing the 23,800 mark, driven largely by strong gains in IT stocks and support from select heavyweights.
The Sensex was up 825.79 points, or 1.09%, at 76,896.63, while the Nifty 50 gained 239.10 points, or 1.01%, to trade at 23,820.25 as of 11:44 AM. It may be noted that the Sensex has gained over 2,000 points this week after a sharp losing spree.
Today's stock market rally was led by information technology stocks, which saw broad-based buying. Infosys rose 4.48% to Rs 1,288.10, while TCS gained 3.50% to Rs 2,475.50. HCLTech and Tech Mahindra also advanced more than 4% each, making IT the top-performing sector in early trade.
The strength in IT stocks, which carry significant weight in benchmark indices, provided the primary push to the market.
Gains were also seen across other sectors, lending broader support to the rally. Larsen & Toubro rose 1.72%, Mahindra & Mahindra gained over 3%, and Maruti Suzuki was up 1.22%. Bharti Airtel added 1.86%, while Reliance Industries rose 0.84%.
Buying in these heavyweight stocks helped sustain the upward momentum in the benchmarks.
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