Advertisement

Updated December 28th, 2023 at 10:33 IST

Markets hit fresh record high in early trade, extend record rally for fifth day

Among the major gainers on the Sensex were JSW Steel, NTPC, Power Grid, Bajaj Finserv, HDFC Bank, ITC, Nestle, and Tata Steel.

Business Desk
Stock market news
Stock market news | Image:Republic World
Advertisement

Indian equity benchmark indices, the Sensex and Nifty, achieved new all-time highs, continuing their upward momentum for the fifth consecutive day. The BSE Sensex, comprising 30 shares, surged by 322.08 points, reaching a new lifetime peak of 72,360.51. Simultaneously, the Nifty gained 90.85 points, reaching its all-time high of 21,745.60. 

The positive sentiment is attributed to optimism surrounding the country's macroeconomic fundamentals, strong global market trends, and fresh foreign fund inflows.

Advertisement

Among the major gainers on the Sensex were JSW Steel, NTPC, Power Grid, Bajaj Finserv, HDFC Bank, ITC, Nestle, and Tata Steel. On the downside, UltraTech Cement, IndusInd Bank, Asian Paints, and Axis Bank were among the laggards.

In the Asian markets, Seoul, Shanghai, and Hong Kong reported gains, while Tokyo traded lower. The positive trend in the US markets on Wednesday further contributed to the optimism. The global oil benchmark, Brent crude, saw a modest increase of 0.13 per cent to $79.75 per barrel.

Advertisement

Foreign Institutional Investors (FIIs) reversed their trend on Wednesday, turning buyers after continuous selling. FIIs purchased equities worth Rs 2,926.05 crore, as per exchange data.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “Strong cues from the mother market US, steadily declining US bond yields, and the dollar index below 101 augur well for the continuation of the rally.”

Advertisement

On Wednesday, the BSE benchmark recorded its all-time closing high at 72,038.43, marking a 701.63-point, or 0.98 per cent, surge over the previous session. 

Similarly, the Nifty settled at a record high of 21,654.75, climbing 213.40 points, or 1 per cent. The positive momentum reflects ongoing optimism and bullish sentiments in the Indian equity markets.

Advertisement

(With PTI Inputs)

Advertisement

Published December 28th, 2023 at 10:08 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Whatsapp logo