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Markets gain for second day; Sensex rises 115 points, Nifty ends at 23,205

Most of the IT stocks that climbed on Thursday were outside the benchmark Sensex or the Nifty

Stock markets, Indian markets

Image: Bloomberg

BS ReporterReuters Mumbai

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Markets edged higher for a second day, propelled by gains in Ultratech Cement. Shares of the country’s biggest cement maker by capacity rallied 6.8 per cent after reporting third-quarter earnings above estimates, helped by strong volume growth.
 
IT stocks also logged strong gains for a second day on optimism over the rise in artificial intelligence (AI) spending in the United States, while worries over earnings moderation and US tariffs capped gains. The Nifty IT index rose 1.8 per cent, extending a two-session gain to 4 per cent on the back of US President Donald Trump announcing mammoth spending plans for AI infrastructure on Tuesday. The sector earns a significant share of its revenue from the United States.
 
 
However, most of the IT stocks that climbed on Thursday were outside the benchmark Sensex or the Nifty.
 
Coforge and Persistent Systems jumped over 10 per cent each, supported by encouraging results.
 
Expectations of growth in AI-related investments after Trump's announcement and the sector's relatively better earnings have helped IT stocks rise, powering the benchmarks higher, said Mayuresh Joshi, head of equity research, India, at William O'Neil and Company.
 
However, uncertainty over Trump's tariff policies and soft domestic earnings will keep the pressure on markets, Joshi said.
 
The Sensex gained 115 points, or 0.2 per cent, to end at 76,520, while the Nifty 50 index rose 50 points, or 0.22 per cent, to 23,205. The Nifty Midcap 100 and the Nifty Smallcap 100 indices rose 1.9 per cent and 1.12 per cent, respectively. In the previous sessions, both indices had tumbled over a per cent despite the recovery in the benchmark indices.
 
Shares of refiner BPCL fell about 2.3 per cent after missing December-quarter profit estimates on lower margins and losses in its liquefied petroleum gas (LPG) segment.
 
Hindustan Unilever fell as much as 3.75 per cent but recouped most of the losses to end 0.9 per cent lower. The consumer goods maker has projected near-term margins at the lower end of its forecast range due to a moderation in urban demand. 
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First Published: Jan 23 2025 | 4:49 PM IST

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