Nifty hit historic highs..!? What reason..?

Sowmiya Sriram
Nifty hit historic highs..!? What reason..?

Indian stock market indices hit an unexpected new high in today's (Thursday) trade, making stock market investors rich. India's stock market has been attracted by the release of the indian budget and outflows from the US bond market and the european bond market. In today's trade, the Sensex crossed 81,000 points to hit an all-time high of 81485.9 points and the Nifty 50 index crossed 24,700 points to touch a new record of 24,829.35 points for the first time. Both Sensex and Nifty are up around 0.9% today.
Today's rally is largely driven by Information technology (IT) stocks. Investors have gained confidence in IT stocks after two of India's leading IT companies, tcs and HCL Tech, posted strong performance in the june quarter. Similarly, India's 2nd largest IT services company Infosys is set to release its june quarter results today. As a result, the Nifty IT index rose for the fourth day in a row and touched a new high of 39,905 points in today's trade. Similarly, tcs and Infosys hit new 52-week highs today.Four of the eight IT companies in the Nifty 50 index hit 52-week highs today. Tech Mahindra, Britannia Industries, HUL, ONGC, Wipro, Infosys, tcs, and sbi Life Insurance hit fresh 52-week highs today.
TCS also gained 3.25 percent among the top 30 companies in the Sensex index. Bajaj Pinserv, Mahindra, and Hindustan Unilever grew by more than 2 percent. Tata Steel, NTPC, Asian Paints, hdfc bank, and Athan Ports among the top 30 companies in the Sensex index declined. The total market value of the mumbai stock market has increased to 454 lakh crore rupees in 3 hours of today's trading.
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