IT stocks drive Nifty to hit fresh all-time high, mixed sentiments erase gains

Closing Bell: National Stock Exchange’s Nifty 50 hit a fresh all-time high of 25,129.60 on August 28 led by a strong and extended buying spree in Information & Technology stocks as investors eye upcoming rate cuts from Federal Reserve on September 18. 

As tring session nears its closure, domestic bourses retracted as Bombay Stock Exchange’s 30-share Sensex ended 73.80 points or 0.09 per cent higher at 81,785.56 while Nifty 50 settled 34.60 points or 0.14 per cent higher at 25,052.35. 

Nifty was driven by strong gains in LTI Mindtree which surged as much as 8 per cent intray and ended 6.31 per cent higher at 6,114.60 apiece. Wipro, Infosys, Tech Mahindra, TCS, and HCL Tech were or key IT stocks that drove index to a fresh high. 

Apart from IT stocks, Divi’s Lab, Bharti Airtel, IndusInd Bank, Sun Pharma, and Bajaj Auto were or top gainers at NSE on Wednesday. 

On or hand, market faced a tug of war with market leers such as Maruti Suzuki, Asian Paints, and ani Enterprises losing nearly 1.3 per cent each in today’s tring session. Shri Ram Finance, Britannia, Nestle India, and Tata Consumers were or top laggards in today’s tre. 

In terms of sectoral performance, Nifty IT and Nifty Healthcare Index led charge with 1.64 and 1.2 per cent gains respectively. Whereas, banking, auto, FMCG, Consumer Durables, and Oil & Gas indices ended in red. 

Broer market indices also exhibited mixed performance on August 28 as broer mid-cap and small-cap stocks ended on a negative note while Nifty Midcap 50 rose marginally. 

Asian markets also ended on a flat note with South Korea’s KOSPI and Japan’s Nikkei inching higher while China’s stock markets ending lower.