Sensex Today: Sensex and Nifty staged a blockbuster start to the week as both indices rallied sharply past key milestones today. Sensex surged past 73,000 for first time and Nifty above 22,000. Buying action in tech stocks again lifted the indices on Dalal Street today. Benchmark indices also outperformed broader markets."The rally in the market, primarily driven by momentum, is now getting support from fundamentals. The sharp bounce in large cap IT stocks on the back of slightly positive management commentary indicates that an underperforming segment can surprise on the upside on news of a turnaround in the sector. The IT index which shot up by 5% on Friday will remain firm since HCL Tech and Wipro have more room on the upside. Nifty has broken out on the upside from the consolidation range and shows signs of further up move. RIL, large cap IT and banking majors can provide fodder for the bulls in the near-term," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit
The rupee strengthened for the eighth consecutive session to settle with a gain of 6 paise to 82.95 against the US dollar on Friday, buoyed by a rally in domestic equity markets.
Indian benchmark equity indices hit all-time highs on Friday, and logged weekly gains, led by gains in IT stocks after market leaders TCS and Infosys posted quarterly reports that alleviated concerns about weak demand.
This week, investors will be focusing on the quarterly results of some major banking and Finance sector companies. Besides the Balance of trade, WPI, and passenger vehicle sales data will also be released
Better-than-expected IT results helped boost market sentiments in the week gone by as benchmark indices shrugged off muted start to the year and hit record highs.During the week, as many as 84 smallcap stocks have delivered double digit weekly returns with eight of them offering over 25% returns.