Indian Stock Market Rallies to New Heights Amid Positive Global Sentiments

Indian Stock Market Rallies to New Heights Amid Positive Global Sentiments

VoM News Desk | November 29, 2023 | 03:04 PM IST | Breaking News | Follow on Google News

Indian Stock Market Rallies to New Heights Amid Positive Global Sentiments

Indian Stock Market Rallies to New Heights Amid Positive Global Sentiments
The Indian stock market experienced a robust rally on Wednesday, with the Nifty 50 index surpassing the 20,000 mark for the first time since September 2023. This surge was driven by significant gains in key stocks such as M&M, Tech Mahindra, HDFC Bank, and Reliance Industries. The BSE Sensex also neared its all-time high, reflecting the strong momentum in the market. Meanwhile, the Nifty Midcap 100 index hit a record high, further underscoring the market’s bullish trend.

BSE Market Cap Crosses $4 Trillion
In a landmark achievement, the combined market valuation of all BSE-listed companies reached $4 trillion, a first in the history of Indian stock markets. This milestone was fueled by the market capitalization of these companies crossing ₹333.26 lakh crore, benefiting from a positive sentiment in the equity market. The Sensex has rallied significantly this year, with the overall market capitalization jumping by about ₹50.81 lakh crore. India joins the elite group of markets with over $4 trillion market cap, including the US, China, Japan, and Hong Kong.

Factors Driving the Market Rally
Several factors contributed to the rally in the Indian stock market. Dovish comments from US Federal Reserve officials raised expectations of interest rate cuts next year, positively impacting global markets. The US 10-year Treasury note yield and the dollar index both saw declines, creating a favorable backdrop for equities. Heavyweight gains in major Indian stocks and a recent upsurge in FII buying also boosted the market. Technical factors, including a breakout in the Nifty 50 index and high trading volumes, indicate a strong return of foreign portfolio investment. Additionally, a drop in crude oil prices further aided the market’s upward trajector.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.