As Sensex touched its all-time high, crossing the 71,000 points mark on Friday hours before the markets closed for the week, the Nifty IT index also touched a new record high for the second day in a row, crossing 2,300 points since Wednesday.
This major milestone was achieved by the Nifty IT index on Friday, but not without the help of top Indian tech companies like Tata Consultancy Services(TCS), Infosys, Wipro and HCL Technologies, all of which have been seeing a significant spike in share prices.
Increased Interest In TCS, Wipro Shares
The interest in purchasing these companies’ shares has grown over the past two market sessions. On the NSE, the price of TCS shares reached a record high of 3,840, while the price of Infosys shares reached 1,569 each in the last two sessions.
Why are Stocks of IT Companies Like TCS, and Wipro Rising?
The buzz surrounding the US Federal Reserve’s rate cut, which was hinted at during the meeting, is driving IT stock prices up right now. The United States’ economic situation alone will determine the rate cut. The greater the strength of the economy, the more international partners are attracted to Indian IT companies.
Indian IT companies have a strong business connect with global firms, mostly based in the United States. If the US economic data continues to remain strong and the US dollar continues to progress, the share prices of firms like TCS and Wipro will be touching new highs.
Sensex crosses 71,000 mark
The BSE Sensex created history on Friday by crossing the 71,000 points mark for the first time. In a landmark moment for the Indian stock market, the 30-share BSE Sensex jumped 569.88 points to reach its all-time high of 71,084.08 during the morning trade.