The Indian stock market witnessed a flurry of activity today, with the Nifty 50 and Sensex hitting fresh record highs. The Sensex crossed the 81,000 mark for the first time, while the Nifty 50 crossed 24,700. The market was buoyed by positive sentiments and strong performances from key sectors.
In the IT sector, the Nifty IT index extended its rally and crossed the 40,000 level for the first time. This milestone was achieved on the back of strong financial performances by IT companies and optimism surrounding a potential Federal Reserve rate cut.
On the other hand, Asian Paints, a leading player in the paint industry, faced challenges as poor demand, high inflation, and competition threats took the gloss off its performance. Despite management attributing the weak performance to subdued demand, several brokerages downgraded their earnings forecasts for the company.
In terms of top gainers and losers, LTI Mindtree, Tata Consultancy Services, Asian Paints, and Coal India were among the most active stocks. The Sensex gained 626.91 points, or 0.78%, to settle at 80716.55, while the Nifty gained 187.85 points, or 0.76%, to close at 24613.0.
Overall, the market showed signs of strength and resilience, with various sectors showing positive momentum. Investors and analysts are closely monitoring the market movements and company performances to make informed decisions. Stay tuned for more updates on the latest market news and developments.
