December 28, 2023
New Delhi, India
Sensex and Nifty Scale New Peaks Amid Global Optimism
In a remarkable display of strength, the Indian stock market has reached unprecedented heights, with the Sensex soaring to an intra-day record high of 72,410 and the Nifty surpassing the 21,700 mark. This historic climb comes ahead of the monthly Futures and Options (F&O) expiry, with both indices ending at record highs.
Both Sensex and Nifty closed at 72,410.38 up +371.95
Positive Sectoral Movements
Sectoral Indices Paint a Positive Picture
Except for the Information Technology sector, which saw a minor setback, other sectoral indices experienced notable gains. Metals and PSU banks emerged as the top gainers, while FMCG, oil & gas, power, and metal sectors registered increases ranging from 1-2 percent.
Market Capitalization Milestone
Indian Listed Companies Reach $4.3 Trillion in Market Cap
The combined market capitalization of BSE-listed companies has now crossed the $4.3 trillion mark, with an impressive addition of $26 billion in December alone. The midcap index closed in the green, albeit relatively underperforming compared to its larger counterparts.
Also Read: Azad Engineering IPO: Stellar Debut with 37% Premium, Hits ₹727 Mark
Individual Stocks in Focus
Stocks Making Headlines
Several stocks captured attention in today’s session, including Adani Ports, Vishnu Prakash R Punglia, Aditya Birla Capital, Kansai Nerolac, SEAMEC, LIC, Zee Learn, Power Grid, UGRO Capital, and SJVN.
Contributors to Market Gains
HDFC Bank Leads Nifty Bank’s Surge
HDFC Bank played a pivotal role, contributing nearly 50% to Nifty Bank’s overall gain. All Nifty Bank constituents recorded gains, with HDFC, ICICI, and SBI emerging as the top gainers.
Also Read: Oil Prices Fluctuate on Red Sea Tensions and Global Factors, Brent at $80/bbl
Sector-specific Developments
Cement and PSU Banks Bounce Back
Cement stocks rose on positive brokerage notes, with UltraTech and Dalmia emerging as the top gainers. Meanwhile, PSU banks snapped a two-day losing streak, with PNB and BoB leading the pack.
Expert Views and Cautious Optimism
Analysts Warn of Volatility, Yet Remain Optimistic
Market analysts have cautioned about potential volatility due to NSE derivative contracts. However, they remain cautiously optimistic, citing robust macro data and global rallies as key drivers for the market’s impressive performance.
Conclusion:
The Indian stock market continues its historic climb, setting new records and showcasing resilience amid global economic conditions. While experts remain watchful of potential volatility, the overall sentiment remains positive, offering investors opportunities for strategic moves.
Also Read: Stock Market Hit New Highs Amid Rising Volatility: FPIs Drive Rally, Valuations Surge
Check Latest On IPO Watch
Disclaimer:
CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.
