NIFTY50 and Sensex close at record levels, Infosys, Tech Mahindra and TCS surge; Stock Market Highlights

Thank you, readers! That's all from Upstox.com's live market coverage on 12 January 2024. We’ll be back with our live coverage at 8:00 am on Monday.

The NIFTY Midcap 100 index (+0.3%) closed higher today. Meanwhile, NIFTY Smallcap 100 Index (+0.4%) closed in the green today.

The BANK NIFTY (+0.2%) index closed in the green. Gains in ICICI Bank (+1.0%), State Bank of India (+2.4%) and Kotak Mahindra Bank (+0.7%) supported the index.

India’s benchmark indices – NIFTY50 (+1.1%) and SENSEX (+1.1%) are closed at record levels. Out of the NIFTY50 universe, 32 stocks advanced. Strong buying traction in tech stocks like TCS and Infosys post the December quarter results propelled the markets higher.

Shares of the cable and wire manufacturing company are up 2.8% today.

This comes after the company said that it hadn’t received any notice from the income tax department regarding the outcome of searches.

The stock plunged 21% yesterday after the I-T department said that “the flagship company has made unaccounted cash sales of around Rs 1,000 crore, which are not recorded in the books of accounts."

The I-T officials had Polycab’s 50 premises in various cities including Mumbai, Pune and Aurangabad.

• Long build up: ONGC, Tata Consumer, Infosys, HCL Tech and TCS

• Short build up: HDFC Life, Apollo Hospitals, Divis Lab, HDFC Bank and Bajaj Finserv

India’s benchmark indices – NIFTY50 (+1.2%) and SENSEX (+1.3%) are trading at record levels. Out of the NIFTY50 universe, 33 stocks are trading in the green. Strong buying traction in tech stocks like TCS and Infosys post the December quarter results is propelling the markets higher.

Shares of the real estate developer are up 5.8% today.

Experts point out that the company is well-positioned to benefit from sectoral tailwinds.

Experts say:

• The affordable housing policy is expected to residential property sales
• It has a land bank of 4,300 acres in Mumbai’s outskirts
• Mumbai Trans Harbour Link to boost connectivity

Jyoti CNC Automation is expected to list on the exchanges on 16 January. Shares of the company are currently trading at a ₹75 premium in the grey market.

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