Indian Indices Rise, TCS Market Cap Hits ₹15 Lakh Crore

6 Feb 2024 , 01:56 PM

Indian benchmark indices recorded marginal gains in Tuesday’s trade, driven by IT index heavyweights. Nifty IT and auto sectors saw up to a 1% increase in the early trade, while financials and FMCG sectors experienced declines.

Sensex rose by 0.62% to 72,172.95 points, and Nifty increased by 0.69% to 21,921.70 points. Advancing shares numbered 1936, declining shares were 1307, and 64 shares remained unchanged.

TCS achieved a market capitalization exceeding ₹15 Lakh Crore for the first time, reaching record highs on February 6, with the stock trading 3.7% higher at ₹4,125.

Nifty IT index led sectoral indices with a 2.23% gain, while TCS became the top Nifty IT gainer, following Wipro, HCL Tech, and Mphasis, which each rallied over 3%.

HDFC Bank gained attention as RBI granted approval to acquire a holding of up to 9.50% in six banks, resulting in the stock trading flat.

Jio Financial Services shares dropped over 7% after clarifying that it is not in talks with troubled One 97 Communications to acquire Paytm wallet.

The rupee remained steady at 83.03 against the US dollar in early trade on Tuesday, supported by positive sentiment in the domestic equity markets and consistent foreign fund inflows.

Paytm shares continued their decline for a fourth consecutive session after reports of India’s federal anti-fraud agency investigating potential violations of foreign exchange rules by platforms run by the company.

The stock fell 9.9% to a record low of ₹395 on the National Stock Exchange before recovering slightly to trade down 6%. Paytm shareholders have suffered losses of up to $2.8 billion since the central bank’s order for Paytm Payments Bank to wind down most of its business by Feb. 29.

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