Stock Market Today: Sensex gains 600 points, first time crossing 66000; Nifty above 19550; TCS, HCL Tech in focus

Stock Market Today: Amid conflicting developments on international markets, Indian equity benchmarks Nifty 50 and Sensex are anticipated to open Thursday's session positively. The Nifty was up 168.50 points or 0.87% at 19,552.80, and the Sensex was up 600.71 points or 0.92% at 65,994.61. A total of 1774 shares rose, 1237 fell, and 136 were unchanged.

Know about the Oil and Dollar

Early Asian trading on Thursday saw an increase in oil prices as U.S. inflation and economic statistics raised optimism that the Federal Reserve may hold off on raising interest rates for the largest economy in the world. A battered dollar was pushed even lower in Asia on Thursday as traders interpreted unexpectedly low U.S. inflation as a warning that interest rate increases will be nearly complete by the end of the month.

US and Asian markets

Following news that consumer prices registered their smallest annual increase in more than two years, US stocks ended the day strongly higher on Wednesday, driven by a gain of more than 1% on the Nasdaq. As a result of the US inflation rate falling to its lowest level in two years and the lessening of pressure from rising interest rates in the largest economy in the world, Asian stocks increased on Thursday.

Stock Market Today: Stocks in focus

Tata Consultancy Services

In spite of a challenging business environment, TCS announced a 16.8% YoY rise in net profit for the quarter that ended on June 30, 2023. This improvement was primarily due to a significant increase in total contract value (TCV) deal wins. Consolidated revenue for the quarter were Rs 59,381 crore, up 13% year over year. In terms of constant currency, the revenue increased by 7% year over year.

HCL Technologies

The company's net profit increased 7.6% year over year (YoY) in the first quarter of its fiscal 2024, which concluded on June 30, 2023. However, sequentially, net profit decreased by 11.2 percent as a result of ramp downs in transactions in industries like hi-tech and telecom. The net profit for the first quarter of FY24 was Rs 3,534 crore, falling short of the Rs 3,782 crore expert consensus.

Dev Information Technology

The business reported that early on July 12, 2023, a fire started on the first floor of one of its buildings (1st floor of Block-12). No employees or other people within the building were hurt since the fire was quickly put out. It said, "Said office block has adequate insurance coverage, proper fire apparatus, and notification to Insurance Company has already been made."

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