On Tuesday, the market capitalization of Tata Consultancy Services (TCS) surged past the Rs 15 lakh crore mark, making it India's second most valuable company. TCS was the top gainer among Sensex stocks, jumping 4.1% to trade at Rs 4,137, bringing its market cap to Rs 15.13 lakh crore.
The rally in TCS contributed to the overall gains in the IT sector, with stocks like HCL Tech, Wipro, and Infosys also seeing notable increases. HCL Tech rose by 4%, while Wipro and Infosys climbed more than 3% and 2%, respectively.
Other gainers on the Sensex included Maruti, which saw an increase of more than 3%, and Bharti Airtel, up almost 3%.
The BSE Sensex was trading at 72,103.71 points, up by 372.29 points.
Despite the positive momentum in the market, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, cautioned that the near-term market trend indicates exhaustion. He noted that there are no clear positive triggers that can sustain new highs immediately.
Looking ahead, an important event is the RBI meeting scheduled for the 8th. However, Vijayakumar mentioned that no positive triggers, such as a rate cut, are expected from the RBI meeting.
Furthermore, the global market scenario presents challenges, with the 10-year bond yield rising to 4.13% and the dollar index increasing to 104.5. Despite these challenges, Vijayakumar highlighted the positive aspect that the US economy is performing surprisingly well, suggesting that a sharp global slowdown triggered by a possible US recession is unlikely.
(With Agency Inputs)
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