The Indian equity markets started the week with a bang as the benchmark indices reached new record highs on January 15, 2024. The Sensex witnessed a remarkable surge of over 750 points, closing above the significant 73000 mark, while the Nifty concluded the day above 22,000.
A surge in select heavyweight stocks was witnessed due to a strong bullish sentiment, with Wipro, ONGC, HCL Tech, Infosys, and Bharti Airtel emerging as the top 5 gainers. Their stock prices surged by 6% during Monday’s trading session.
Wipro Top Gainer – Stock Price Jumps 6%
Wipro emerged as the top gainer on Dalal Street on Monday. The stock price of the IT services major surged by 6.26% to close at ₹495.10 per share on the BSE.
Wipro experienced a strong surge in buying activity as its market capitalization surpassed ₹2.5 lakh crore. The stock reached a peak of ₹495.90 during the trading day, showing a strong rally of 6.4%.
In terms of volume, more than 30 lakh Wipro shares were traded on the BSE, which is higher than the 2-week average of 22 lakh shares.
The impressive surge in Wipro shares is a result of the stellar Q3 FY23 performance and a promising deal pipeline. The company reported a 2.8% increase in consolidated net profit of ₹3,053 crore for the December quarter.
Encouraged by the results, a number of brokerages have become optimistic about the stock and increased their target price. The upward trend is expected to persist as Wipro continues to secure steady deal wins.
ONGC Among Top Performers, Stock Gains 4.5%
Oil and Natural Gas Corporation (ONGC) had a strong performance on Monday, with a gain of 4.52%. ONGC shares ended the day at ₹233.25, marking a gain of ₹10.10 or 4.52% on the BSE.
The oil & gas major reached a peak of ₹235 during the session as buying activity gained momentum. Approximately 19 lakh ONGC shares were traded on the exchange, which is higher than the 2-week average of 17 lakh shares.
ONGC stock has been experiencing a positive trend following the implementation of windfall taxes on oil producers due to the increase in crude prices. If oil prices soften globally, it is expected that the taxes will be lifted in the future.
The company is expected to announce robust Q4 figures due to the surge in gas and oil prices. This has contributed to the optimistic sentiment surrounding the stock.
HCL Tech Rallies Over 3% on Strong Q3 Show
HCL Technologies emerged as one of the top gainers, as its stock price witnessed a notable increase of 3.08% to ₹1,131 on Monday. The IT major recorded a remarkable 19.5% year-on-year growth in consolidated net profit, reaching ₹4,096 crore for the December 2022 quarter.
HCL Tech witnessed a remarkable 19.6% growth in revenue, reaching ₹26,700 crore, when compared to the previous year. The impressive growth was driven by the powerful momentum in digital services.
With a remarkable Q3 performance, the stock price of HCL Tech soared by 3.1% on January 15, reaching an intraday high of ₹1,132.80. Around 4.3 lakh company shares were traded on the BSE.
The company provided robust guidance for FY23, projecting a revenue growth of 13.5-14.5% in constant currency. This outlook has excited investors.
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Infosys Stock Inches Up After Q3 Beat
The share price of Infosys increased by 2.44% and closed at ₹1,474.50 on Monday following the release of impressive Q3 results by the IT services exporter.
The net profit for the December quarter increased by 13.4% compared to the previous year, reaching ₹6,586 crore. Revenues increased by 20.2% to ₹38,318 crore when compared to the previous year.
The company has now updated its FY23 revenue guidance to 16-16.5%, which is slightly higher than the previous range of 15-16%. This suggests strong demand momentum.
Infosys stock soared to an intraday high of ₹1,478 as investors celebrated the impressive quarterly performance. Approximately 86 lakh company shares were traded on the BSE.
The positive results have uplifted sentiment, with analysts anticipating Infosys’ growth and margins to continue to be robust in the future.
Bharti Airtel Stock Extends Gains
Bharti Airtel, a leading telecom company, continued to see positive growth as its stock value increased. The stock closed at ₹846.50 on Monday, recording a gain of 2.42%.
Shares of Airtel have been soaring as the company reported an impressive 91% year-on-year increase in consolidated net profit at ₹1,588 crore for the September quarter.
The stock reached a peak of ₹849.85 during the day on Monday, but eventually closed lower. There is a strong buying interest, as 19 lakh company shares were traded on the BSE.
Airtel is anticipated to announce yet another robust quarter, driven by consistent customer growth and increased tariffs. Its non-wireless businesses are also performing admirably. These factors make it a compelling long-term choice.