Sensex Jumps 443 Points: IT Stocks Fuel 2% Rally Ahead of Q1 Earnings

Indian markets rallied on July 1, with Sensex reaching 79,476.19 and Nifty hitting 24,142.00. IT stocks led gains, rising 2 to 4% ahead of Q1FY25 earnings. The positive momentum was driven by sector-specific news and earnings expectations.
Sensex Jumps 443 Points: IT Stocks Fuel 2% Rally Ahead of Q1 Earnings

Indian benchmark indices rebounded on July 1, with Sensex up 443.46 points at 79,476.19 and Nifty gaining 131.40 points to 24,142.00. IT stocks led the rally, with the Nifty IT index rising 2%. Companies like Persistent Systems, Wipro, and TCS saw gains of 2 to 4% ahead of Q1FY25 earnings.

PVR Inox surged 4.8% on strong box office collections, while Zomato rose 1.57%, nearing its 52-week high. REC jumped 4.8% after reporting a 27.8% increase in loan disbursements. JB Chemicals saw a 9% intraday surge.

India Cements fell 3.6% following a key management retirement, and Motilal Oswal dropped 3.5% on high trading volumes. Ashok Leyland declined 1.2% after reporting lower-than-expected June auto sales, with total sales down 2% year-on-year.

Alembic Pharma gained 2% after receiving USFDA tentative approval for Bosutinib Tablets. The market’s positive performance was driven by a mix of sector-specific news, earnings expectations, and individual company developments, reflecting the diverse factors influencing stock movements.

Investors closely watched these stock movements, which provided insights into market sentiment and sector dynamics. The varied performance across different stocks and sectors highlighted the importance of company-specific factors and broader market trends in shaping daily trading patterns.

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