The Q3 results of major IT and IT companies have impressed traders, as evidenced by the recent surge in the share prices of TCS and Wipro.
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| The stock market's largest gainer on Monday was Wipro. (Bloomberg file photo) |
The top four Indian IT companies, Infosys, TCS, HCL Technologies, and Wipro, saw their market caps increase by about $22 billion in just two trading sessions as the market boom continued. The Q3 results of these companies impressed traders.
The market capitalization of the four major IT businesses, led by Tata Consultancy Services and Infosys, increased by $22 billion in just two trading sessions since Thursday, when these companies' quarterly reports began to garner attention, according to Bloomberg.
Following better-than-expected Q3 results from Wipro, TCS, Infosys, and HCL, prominent IT and IT firms in India saw a significant spike in share prices on Friday and Monday. Wipro was the biggest gainer on the market on Monday, with its shares rising 14 percent in a single session.
HCL Technologies shares were at an all-time high, with the company reporting quarterly reports showing a 6.2% increase in consolidated net profit at ₹4,350 crore, while Wipro surged to its 52-week high on the stock market.
Apart from Wipro and HCL Technologies, the top gainers on the market were Infosys, Bharti Airtel, Tech Mahindra, HDFC Bank and Reliance Industries, all of them posting a growth of over one percent on Monday.
Meanwhile, IT firm shares have been rising since December, with the impact of the economic slowdown now probably over on the Indian markets. On January 15, the markets reached a lifetime high after the Q3 results of some of India's major corporations pleased the traders.
Sensex, Nifty hit all-time high
The BSE Sensex and NSE Nifty reached their all-time high on Monday, with Sensex crossing the 73,000 mark and Nifty ultimately crossing the 22,000 barrier in early trade hours. This indicates that the share price gain of the Indian IT giants has a phenomenal impact on the benchmark indexes.
The 30-share BSE Sensex surged 833.71 points, or 1.14 percent, during the day to reach its all-time peak of 73,402.16, and then settled at a record closing high of 73,327.94 on Monday.
Jio Financial Services Ltd. was another stock that propelled the markets higher on Monday; its Q3 results demonstrated remarkable growth. Nevertheless, the company's quarterly reports revealed a 56% decrease in consolidated net profit, which came to ₹294 crore for the quarter that ended in December 2023.