Share Market Highlights July 12, 2024: Record highs for Sensex, Nifty as IT sector shines on strong TCS results

Sensex, Nifty updates on July 12, 2024: The Indian benchmark indices reached record closing highs on Friday, propelled by a surge in IT stocks following strong quarterly Tata Consultancy Services (TCS) results. The NSE Nifty 50 rose 0.77% to 24,502.15, and the S&P BSE Sensex increased 0.78% to close at 80,519.34. Both indices recorded a 0.7% gain for the week, marking their sixth consecutive week of increases. This rally, which began in early June, has been driven by policy stability post-elections, robust economic growth prospects, record-high mutual fund inflows, and the return of foreign investors. TCS’s strong performance indicated a recovery in the IT sector, boosting IT stocks by 4.5%. Investors are now anticipating the national budget on July 23 and India’s retail inflation data for June, with expectations of continued market volatility.