Sensex, Nifty open higher driven by IT stocks; TCS shares in focus

July 11,2024

Benchmark stock market indices opened marginally higher on Thursday driven by a surge in IT stocks with TCS shares in the focus.

The S&P BSE Sensex was up80.36 points at80,005.13, while the NSE Nifty50 added 30.15 points to24,354.60 as of 9:55 AM.

TCS shares climbed 1.5% ahead of its Q1 results due later today. Eleven out of the 13 major sectors reported gains.

Among the top gainers on the Nifty50, Tata Motors led with a 1.64% increase, followed by Coal India also at 1.64%, Tata Steel at 1.51%, and BPCL at 1.35%.

Nestle India saw the largest decline at 1.25%, followed by Sun Pharma at 0.76%, HDFC Bank at 0.70%, Power Grid at 0.58%, and Tata Consumer at 0.56%.

"An important feature of the ongoing bull market which has taken the Nifty from the March 2020 low of 7511 to around 24300 now is that it has always rewarded investors who followed the buy on dips strategy. Since the under current of this bull market, both globally and in India, continues to be strong despite the high valuations, buy on dips strategy continues to be relevant," saidV K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

"Investors should be prepared to absorb corrections and it is important to understand that corrections can happen at unexpected times. A significant trend in the market is the continuous churns in the market. The latest churn is in favour of pharmaceuticals. Another important trend is that the market is favouring premium consumption themes like hotels and select segments of theautospace.," he added.