Nifty, Sensex soar to record highs as global markets rally
Updated: Dec 27th, 2023
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| Source: IANS |
The benchmark indices soared to record highs today with the Sensex up almost 1%, or 701 points, at 72,038.43, and Nifty hitting a new high of 21,654.75, registering an increase of 1% or 213 points, said Mandar Bhojane, Equity Research Analyst at Choice Broking.
With the exception of the oil & gas and power sectors, all other sectoral indices ended in green, with auto, bank and metals up 1% each, he said.
Siddhartha Khemka, head of Retail Research at a private financial services firm, said that domestic equities surged higher today supported by positive global cues and sharp decline in India’s current account deficit to 1%.
Nifty made a fresh high of 21,654.75 supported by buying in index heavyweights and closed with handsome gains of 213 points (+1%).
PSU banks and metals were the top gainers today, up 1-2% each. The cement sector was in limelight on the expectation of strong volume growth.
Healthy macro data and rally in global markets helped Nifty touch new highs even in the holiday season. While the derivatives monthly expiry on Dec 28 may infuse some volatility, the undertone remains bullish with the market making steady gains in the last few weeks.
Vaibhav Vidwani, a research analyst at another firm, said Nifty PSU Bank and Nifty Auto, which were up 2.06% and 1.51%, respectively, were the two sectors that did better today.
Due to their greater weight in the Nifty PSU Bank, Bank of Baroda and SBI contributed to the increase.
(Source: IANS)
- Edited for style
