Indian Stock Market Wrap: Sensex Rises 179 pts ; Nifty tops 21,700;

Indian stock market

December 5, 2024

New Delhi, India

Indian Stock Market Overview:

Indian markets showcased robust performance on January 5, marking the second consecutive day of gains. The rally was fueled by notable advancements in banks, RIL, and the Information Technology (IT) sector. BSE Sensex surged past the 72,000 mark, and Nifty50 crossed the 21,700 level, highlighting a buoyant market sentiment.

Both Sensex and nifty closed at 72,026.15 up +178.58 

Sectoral Highlights:

Blue-chip giants like Larsen & Toubro (L&T) and IT stocks played a pivotal role in driving the market higher. However, FMCG and pharma sectors emerged as the only laggards amidst the overall positive trend. The Information Technology and Capital Goods indices witnessed a notable rise of 1 percent each.

Stock-Specific Movements:

Alok Industries soared by an impressive 20%, and Sula Vineyards witnessed a 12% increase, showcasing specific stock movements. HDFC Bank reported a significant 62% Year-on-Year rise in gross advances for Q3, contributing to the positive market sentiment.

Market Predictions and Record Date:

Nomura’s optimistic outlook predicts Nifty reaching 24,260 by the end of 2024. Simultaneously, Nestle’s stock split recorded its date, adding another dimension to the market dynamics.

Currency and Closing Statistics:

The Indian Rupee experienced a marginal rise of 1 paisa against the US dollar, reinforcing stability. As of the market closing on January 5, Sensex concluded at 72,026.15, up by 178.58 points (0.25%), and Nifty closed at 21,710.80, up by 52.20 points (0.24%). The breadth of the market was reflected in 1798 shares advancing, 1494 declining, and 62 remaining unchanged.

Top Performers and Underperformers:

On the Nifty, top gainers included Adani Ports, L&T, TCS, SBI Life Insurance, and LTIMindtree. Conversely, Nestle India, Britannia Industries, UPL, Sun Pharma, and JSW Steel faced losses.

Also read today’s latest: Adani Overtakes Ambani as India’s Richest in Bloomberg Billionaires Index

Midcap and Smallcap Indices:

While the BSE midcap index remained flat, the smallcap index added 0.6 percent, indicating a positive trend in broader market segments.

In summary, the Indian stock market showcased resilience and optimism, with blue-chip stocks leading the rally. The positive sentiment was underlined by specific stock movements, optimistic market predictions, and overall sectoral growth. As the market maintains its upward trajectory, investors and stakeholders eagerly await further developments.

Also Read: NSE Shifts Bank Nifty Expiry Day to Wednesdays Starting March 1, 2024


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