Sensex surges 300 points, Wipro in top gainers

The markets are still trading on a stable footing. After reaching a high of 61,161, the Sensex was up 396 points at 61,133. The NSE Nifty rose 131 points to 18,293, passing 18,300 on its way to a high of 18,304.

The BSE Midcap index is presently up over 1% at 26,832, while the BSE Smallcap index is up 0.7% at 29,972.

IRCTC has increased by 8.4% to Rs 5,340. NLC India and MphasiS have also risen more than 8%, making them the top gainers in the Midcap market. Other notable gainers include Adani Power, Jindal Steel, Oil India, and Naukri, up over 4%. The biggest losers are BHEL and Jubilant Foodworks, both down 2%.

Based on a solid Q2 performance, Mindtree has soared over 10% to Rs 4,826 in the Smallcap market. Jindal World, HBL Power, Power India, Laxmi Machine Works, and Shakti Pumps have increased their stock prices by 8-10%. Arshiya International, on the other hand, has dropped 10%. Other notable losers include Shivam Auto, Srei Infra, Sintex, and JP Infratech, down around 5%.

After posting a net profit of Rs 5,428 crore, up 11.7 percent year on year, Infosys revised its QFY22 estimate to 16.5-17.5 percent from 14-16 percent previously. At Rs 1,768 per share, the price was up 3.5 percent.

Wipro’s net revenue in Q2 increased 18.8% year on year to Rs 2,930.70 crore. The stock increased by about 7% to Rs 719. MindTree’s net profit in the second quarter increased by 57% year on year to Rs 398.90 crore. The stock is now trading at Rs 4,686, up 7.5 percent. The BSE IT index is now at 35,616 points, up 2.4 percent.

The Sensex 30’s biggest gainers are Larsen & Toubro, ITC, and Tech Mahindra.

Strong results from Infy, Wipro, and Mindtree imply that the market’s dismal results from TCS were a one-off. Although high attrition is a problem for the industry, great wins and strong demand are apparent benefits. IT gets set to reclaim its leadership position, as the sector’s prospects appear bright for the next several years, thanks to businesses’ rapid digitalization around the world.

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