Indian Stock Market Soars, Nifty and Sensex Gain Momentum

Indian stock market

February 16, 2023

New Delhi, India

Indian Stock Market Performance

The Indian stock market showed a positive trend on February 16, 2024. The NSE Nifty 50 index and the S&P BSE Sensex both settled 0.32% higher at 21,911 and 72,050 respectively. The market struggled for direction earlier in the day, but gains were consolidated in the final two hours.

Both Nifty and Sensex ended at 22,040.70 up +129.95 

GIFT Nifty and Rupee Updates

GIFT Nifty on the NSE IX traded higher by 60.5 points, or 0.27%, at 22,088.50. This indicates a positive start for Dalal Street. Meanwhile, the rupee depreciated by 3 paise to close at 83.05 against the US dollar.

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Global Market Influences

Oil prices remained flat as investors pondered a slowing demand forecast and weak U.S. retail sales data. Japan’s Nikkei charged toward an all-time high, helped by a buoyant Wall Street. The dollar was steady, on track for its fifth straight weekly gain.

Also Read: Recession Hits UK: Political and Economic Repercussions

Government Policy Changes

The government revised its windfall tax on crude petroleum effective from February 15. The Special Additional Excise Duty (SAED) on crude petroleum increased to Rs 3,300/tonne.

Asian Market Trends

Asian markets were trading higher in the early trade on Friday. Nikkei rose nearly 1 percent, and Kospi and Hang Seng were up 0.7 percent each.

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