New Delhi: In recent sessions, the Indian market struggled to sustain its bull run until TCS’s results provided a much-needed catalyst, setting a positive tone for the earnings season.
The healthy numbers by the TCS for the June ending quarter have sparked optimism among investors about potential sectoral recovery.
The notable improvement in revenue from TCS’s BFSI vertical particularly fueled a rally in mid and small-cap IT stocks, as these companies derive a significant portion of their revenue from this space.
Investors are hopeful that this trend signifies a broader sectoral rebound and positive growth outlook going forward. As a result, the Nifty 50 finished ended Friday’s session with a gain of 0.77% at 24,502 points. The index also touched a fresh record high of 24,592 points during the trade.
The index saw significant contributions today from TCS, boosting the index by 59 points, or 32%, to its 186.20-point rally. Other major contributors included Infosys and Reliance Industries, collectively contributing 37.60% to the overall rally.
The index concluded last week with a gain of 0.73%, extending its winning streak for the sixth consecutive week, and marking the longest weekly gain this year so far. During this period, the index has gained nearly 9% and it has rallied 12.75% in CY24 so far.
