Market News
SENSEX hits record high of 85,955.5, NIFTY tests 26,200; BSE IT index jumps 2.5% on encouraging Accenture results
SUMMARY
IT stocks were the leading gainers and the top contributors to the indices' gains. The BSE IT index was trading 2.5% higher at 43,703.96 levels after encouraging numbers from global IT giant Accenture. The IT consulting and services major has upped its revenue guidance for financial year 2025 to be in the range of 3–6%, even as the company missed its FY24 growth target.
Stock list
The top gainers on the NSE were NPTC, LTI Mindtree, Wipro, Tech Mahindra, and Infosys.
The broader NIFTY50 index was trading at 26,225.80 levels, up 9.75 points, or 0.04%. The index hit a high of 26,250.55 in the opening trade.
IT stocks were the leading gainers and the top contributors to the indices' gains. The BSE IT index was trading 2.5% higher at 43,703.96 levels after encouraging numbers from global IT giant Accenture.
The IT consulting and services major has upped its revenue guidance for financial year 2025 to be in the range of 3–6%, even as the company missed its FY24 growth target.
Accenture, the largest player in the segment, which follows the September–August financial year, provided guidance for FY25 that is higher than its FY24 guidance of 1.5% to 2.5%. The company unveiled a $4 billion share buyback and beat quarterly earnings expectations owing to strong demand for its services that help businesses adopt generative AI technology.
Authum, along with Mahi Madhusudan Kela, will acquire 46.85% stake in Prataap Snacks from its private equity promoters. After the deal is completed, Authum Investment and Infrastructure will have a 42.31% stake in the snack manufacturer.
Top gainers and losers on NSE
Broader Market
In the broader market, the BSE MidCap index was trading 0.23% higher at 49,464.58 levels, while the BSE SmallCap index was ruling at 57,243.47, up 0.34%.
Foreign Institutional Investors (FIIs) turned buyers on Thursday as they bought equities worth ₹629.96 crore, according to exchange data. Domestic Institutional Investors (DIIs) also bought equities worth ₹2,405.12 crore.
Global Markets
Chinese stocks are headed for the best week since 2008 as Beijing rolled out a huge stimulus package to revive the economy, lifting Asian shares to 2-1/2-year highs, while a sharp fall in oil prices bodes well for disinflation globally.
The yen retreated to three-week lows ahead of a leadership contest of Japan's ruling Liberal Democratic Party on Friday as investors looked to gauge what it could mean for the country's rate hike path.
In the overnight trade, the S&P 500 scored a record closing high and the Dow and Nasdaq rose as Micron Technology shares rallied and a strong US jobless claims report eased labor market concerns. Shares of Micron Technology rose 15.78% after the memory chip maker projected first-quarter revenue above expectations, highlighting strong demand for memory chips used in artificial intelligence computing.
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