Markets at new all-time high, Nifty trades above 24,500 for first time

Mumbai, July 12 (IANS) India equity benchmarks are trading at record highs on Friday following buying in the IT stocks.

Sensex and Nifty both made new all-time highs of 80,893 and 24,592 respectively.

At 12.50 a.m., Sensex was at 80,482, up 585 points or 0.73 per cent, and Nifty was up 172 points or 0.71 per cent, at 24,488.

Midcap stocks are underperforming compared to large caps. Nifty midcap 100 index is down 70 points or 0.12 per cent, at 57,077. While Nifty smallcap 100 index is up 54 points or 0.29 per cent, at 18,974.

Among the sectoral indices, Nifty IT is at 38,985 with a gain of 4.44 per cent. Apart from this, there is also a rise in media, fin service, service sector, and private bank indices.

In the Sensex pack, TCS (6.5 per cent), Wipro (4.75 per cent), Infosys (3.39 per cent), Tech Mahindra (3.17 per cent) and HCL Tech (3.08 per cent) are the top gainers. NTPC, Maruti Suzuki, UltraTech Cement, Kotak Mahindra Bank, Asian Paints and Sun Pharma are the top losers with a fall of about half a per cent each.

The country's largest IT company Tata Consultancy Services (TCS) released the results of Q1 FY 25 on Thursday. The company's profit has increased to Rs 12,040 crore on an annual basis. Between April and June, IT major's income increased by 5.4 per cent on a YoY (year on year) basis to Rs 62,613 crore. The company had also declared an interim dividend of Rs 10 per share to investors.

Shrey Jain Founder and CEO of SAS Online said, "Overall, the market is demonstrating strong resilience, with investors eagerly buying on price dips. Today's market movements will be influenced by the US inflation data released yesterday."

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