Sensex and Nifty Hit Record Highs Driven by Optimism in IT and Financial Sectors

The surge in these indices builds upon their previous peaks, with the Sensex hitting its earlier high of 74,119.39 on March 7

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In a remarkable surge, the Sensex and Nifty, India’s key equity indices, catapulted to new record highs on Thursday, buoyed by a flurry of buying activity primarily in the IT, consumer durables, and financial sectors. This robust momentum comes on the heels of optimistic projections regarding corporate performance.

According to Economic Times, “The 30-share BSE Sensex surged 350.81 points or 0.47 per cent to settle at its lifetime high of 74,227.63.” Throughout the trading day, the index saw fluctuations between a high of 74,501.73 and a low of 73,485.12, showcasing the dynamic nature of investor sentiment. Similarly, the broader NSE Nifty also soared to a fresh peak of 22,514.65, registering a gain of 80 points or 0.36 per cent. Notably, 31 components of the 50-share benchmark concluded the day with gains, signaling widespread optimism among investors.

The surge in these indices builds upon their previous peaks, with the Sensex hitting its earlier high of 74,119.39 on March 7, and the Nifty scaling its previous peak of 22,493.55. Among the Sensex constituents, notable gainers included HDFC Bank, Titan, Tech Mahindra, and Asian Paints. However, certain stocks, including SBI, Bharti Airtel, JSW Steel, PowerGrid, ITC, and Reliance, experienced declines.

Investor interest in specific banking stocks was particularly pronounced, driven by anticipation surrounding the Reserve Bank of India’s monetary policy committee meeting. The committee, comprised of six members, convened on Wednesday to deliberate on crucial policy decisions, with the outcome scheduled to be unveiled on Friday. Market participants keenly awaited indications regarding the maintenance of current interest rates, which could further influence market dynamics in the coming sessions.

In contrast to the domestic market’s buoyancy, global markets presented a mixed picture. While European markets traded in the green, US markets concluded Wednesday’s session with varied outcomes. Meanwhile, the global oil benchmark Brent crude climbed to USD 88.67 a barrel, reflecting ongoing volatility in commodity markets.

Amidst these developments, Foreign Institutional Investors (FIIs) reportedly offloaded equities worth Rs 2,213.56 crore on Wednesday, as per exchange data. This underscores the interplay of domestic and international factors shaping investor sentiment and market movements.

The robust performance of the Sensex and Nifty underscores the resilience of India’s equity markets, propelled by a confluence of domestic economic factors and global trends. As investors await the outcome of the RBI’s policy decisions, the trajectory of these indices is poised to remain a focal point for market participants in the days ahead.

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