After an amazing a rise in Wipro stocks, the Sensex exceeded the 73,000 mark on Monday. Wipro‘s stock gained 6%. Around 11 a.m., the Sensex was trading regarding 530 points higher at 73,099.25. Besides Wipro, other IT giants like Tech Mahindra, Infosys, and HCL Tech also saw a more than 2% increase.
Vijaykumar, chief investment strategist at Geojit Financial Services, believes that basics are currently boosting the market‘s momentum. He mentioned that positive comments could result in an immediate rise in large-cap IT shares.
Vijaykumar forecasts balance for the IT index, which rose 5% on Friday. HCL Tech and Wipro are more popular choices. On the other hand, the Nifty is indicating expansion. RIL is a key driver of the rally, having announced Dhirubhai Ambani’s Green Energy project, which will start in the second half of 2024.
He thinks that RIL, large-cap IT, and banking companies will be the main causes of the near-term upward trend. Deepak Jasani, retail research head at HDFC Securities, stated that the unplanned continuation of high interest rates by China’s central bank, as well as the bullish market in Asia as a result of Taiwan’s elections, are contributing factors.
Jasani noted that the Nifty has been rising continuously in the fourth quarter. Around 11 a.m., the Nifty was trading approximately 139 points higher at 22,033.60. In the coming week, the Nifty might move between 21,990 and 22,280.