As the Q3 results of the top four IT firms in India leave the traders impressed, the boom in the market saw Infosys, TCS, HCL Technologies and Wipro gain around $22 billion in their market cap in just two market sessions.
Led by Tata Consultancy Services and Infosys, the four big IT firms saw their market value jump by $22 billion over just two market sessions since Thursday, when the quarterly reports of these companies started making headlines, reported Bloomberg.
Big tech and IT firms in India saw a major jump in share prices on Friday and Monday after Wipro, TCS, Infosys and HCL saw better-than-expected Q3 results. Wipro became the biggest gainer on the market on Monday, with its shares jumping 14 percent in just one session.
While Wipro jumped to its 52-week high on the stock market, HCL Technologies shares were at their all-time high, recording a 6.2 per cent increase in consolidated net profit at ₹4,350 crore in its quarterly reports.
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 recording a growth of over one percent on Monday.
Meanwhile, the markets on January 15 hit its lifetime high after the Q3 results some of India’s biggest companies pleased the traders. IT firm shares have been on the rise since December, with the impact of the economic slowdown now likely over on the Indian markets.
Sensex, Nifty hit all-time high
The share price hike of the IT firms in India has a stellar impact on the benchmark indexes, with BSE Sensex and NSE Nifty hitting their all-time high on Monday. While Sensex crossed the 73,000 mark, Nifty ended up crossing the 22,000 mark in early trade hours.
The 30-share BSE Sensex jumped 759.49 points or 1.05 per cent to settle at a new closing high of 73,327.94 on Monday. During the day, it zoomed 833.71 points or 1.14 per cent to reach its all-time peak of 73,402.16.
Another stock driving up the markets on Monday was Jio Financial Services Ltd, which showed tremendous growth due to its Q3 results. However, its quarterly reports showed a 56 per cent decline in consolidated net profit at ₹294 crore for the third quarter ended December 2023.
(With inputs from agencies)