IT Stocks Propel Rally In Nifty To 7th Straight Day; Nifty Tops 16,615 Levels For The First Time

After starting on a weak note being weighed down by financials and banking stocks, benchmark indices regained their mojo during the later part of the trade. At the close, indices settled at fresh record high, with Nifty ending above 16,600 for the first time, while Sensex logged a new closing high of 55,792, up 210 points or 0.38% during the session.

IT Stocks Propel Rally In Nifty To 7th Straight Day; Tops 16,615 Levels

Tata Consumer Products, Wipro, Tech Mahindra, Nestle and HUL were among the top gainers on the Nifty, while top laggards included stocks like JSW Steel, Tata Motors, Adani Ports, IndusInd Bank and Coal India.

Among sectoral indices, IT pack saw the most gains of over 2 percent, followed by FMCG and pharma space, while all other sectors ended in the red in otherwise strong market, led by maximum fall in the Nifty Metal and Nifty PSU Bank space.

Of the 10 constituents in the Nifty IT pack, 8 stocks hit their fresh 52-week high today including Mindtree, Mphasis, L&T Infotech Tech, Wipro, Tech Mahindra, TCS, Infosys and HCL Tech.

Meanwhile, European indices are trading mixed with FTSE seeing some positive momentum while French CAC and German DAX are down by up to 0.5%.

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