The Indian benchmark indices exhibited a strong performance on Tuesday, with the Nifty50 index trading above its critical psychological mark of 24,700, and the Sensex inching closer to the 80,900 level. The bullish momentum was observed across the majority of sectoral indices, particularly led by Nifty IT and Nifty PSU Bank, both of which were seen trading in the green.
The Nifty IT index made headlines by gaining over 1.19% and reaching a fresh all-time high on Tuesday. This impressive performance comes on the heels of a robust rally where the index surged almost 32% from its June lows to the highs of July. After this rally, the index experienced a correction, which was arrested at the 38.2% retracement level of the June-July rally. Notably, the index halted above the opening upside gap of July 12, indicating strong bullish sentiment.
In the month of August alone, the Nifty IT index has risen by 2.05%. For the year 2024, the index has surged by an impressive 17.4%, significantly outperforming the Nifty50 index, which has gained 13.70% during the same period. This outperformance highlights the strength and resilience of the IT sector within the broader market context.
Among the constituents of the Nifty IT index, Tech Mahindra has emerged as the top-performing stock in 2024, registering a remarkable gain of 26.4%. It is followed by Infosys, which has appreciated by 22%, and TCS, with a 20% gain. These companies have played a pivotal role in driving the overall performance of the Nifty IT index, reflecting their strong fundamentals and positive market sentiment.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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