December 15, 2023
New Delhi, India
Indian Stock Market Surges to Record Highs on Global Positivity
Indian stock indices, Sensex and Nifty, reached unprecedented levels on Friday, reflecting a robust surge in market confidence.
The positive trajectory is attributed to upbeat global markets following signals from the Federal Reserve about potential rate cuts in 2024. Sensex crossed the remarkable 71,000 level, while Nifty surpassed the 21,300 mark, with both indices marking consecutive record highs.
Both Sensex and Nifty closed at 71,472.36 up +958.16
Key Sectoral Gains
Gains were led by the Information Technology and Metal sectors, with Nifty IT index soaring by 4%, driven by strong performances from TCS, Infy, and HCL Tech.
International Market Influence
International markets, especially in Asia and Europe, responded positively to the Federal Reserve’s signals. Hong Kong stocks rallied, and the MSCI AC Asia Pacific Index rose to its highest since early August.
Trade Deficit and Economic Indicators
While India’s exports declined by 2.83% in November, contributing to a trade deficit of $20.58 billion, the overall market sentiment remains positive.
Also Read: India’s November Trade Deficit Narrows to $20.58B, Exports Slip 2.8%, Imports Down 4.35% YoY
Stock-Specific Movements
Notable stock movements include Max Financial Services experiencing a decline, while auto components major Samvardhana Motherson International Ltd announced acquisitions.
Broader Market Trends
The BSE Midcap index is trading flat, and the Smallcap index is up by 0.7%, reflecting a diverse market performance.
Market Highlights and Achievements
The market witnessed several block deals and fund-raising activities by companies like PB Fintech, PVR Inox, Sterling & Wilson, and Titagarh Rail Systems. Additionally, PNB became the third PSU bank to join the Rs 1 lakh crore m-cap club.
Conclusion
Despite challenges in trade and specific stock movements, the overall sentiment in the Indian stock market remains bullish, driven by a combination of global and domestic factors.
Also Read: Indian Stock Markets Soar to Record Highs on Global Optimism and Fed’s Rate Cut Hints
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