Nifty 50 and Sensex Reach New Closing Highs Amid Positive Market Sentiments

Nifty 50 and Sensex Reach New Closing Highs Amid Positive Market Sentiments

VoM News Desk | December 5, 2023 | 04:06 PM IST | Breaking News | Follow on Google News

Nifty 50 and Sensex Reach New Closing Highs Amid Positive Market Sentiments

Nifty 50 and Sensex Reach New Closing Highs Amid Positive Market Sentiments

Indian stock market indices Nifty 50 and Sensex closed at fresh all-time highs on Tuesday, December 5, fueled by gains in banking and energy stocks. The positive sentiment in the market was propelled by robust macroeconomic data and political stability following the BJP’s victory in three major states. Nifty 50 settled at 20,855.10, marking an increase of 0.81 per cent, while the Sensex closed at 69,296.14, up by 0.63 per cent.

Consecutive Gains and Record-Breaking Performances

Both Nifty 50 and Sensex extended their winning streak to six consecutive sessions, with Nifty 50 reaching a record high of 20,864.05 and the Sensex peaking at 69,381.31 during the session. The BSE Midcap and Smallcap indices also hit their fresh record highs, indicating a broad-based market rally.

Increased Market Capitalisation

The overall market capitalisation of firms listed on the BSE experienced a significant rise, reaching nearly ₹346.5 lakh crore, an increase of approximately ₹3 lakh crore in a single session. This surge in market value reflects the positive outlook of investors and the market’s response to favorable political and economic conditions.

FPIs Bullish on Indian Equities

Foreign portfolio investors (FPIs) have shown a renewed interest in Indian stocks, with NSDL data revealing purchases of Indian equities worth ₹15,462 crore in just the first two sessions of December. This influx of foreign investment is a testament to the confidence in the Indian market’s stability and growth potential.

Analysis by Market Experts

Market experts attribute the recent rally to the outcomes of the assembly elections and changes in India’s weightage in the MSCI Index. Deepak Ramaraju, Senior Fund Manager at Shriram Asset Management Company, highlighted these factors as crucial in driving the market’s upward trajectory.

Stocks Hitting New Highs

Several stocks, including major players like Axis Bank, Bharti Airtel, ICICI Bank, Mahindra and Mahindra, NTPC, Power Grid Corporation, Sun Pharma, Titan, and UltraTech Cement, reached new 52-week highs in intraday trade on the BSE, indicating a strong performance across various sectors.

Disclaimer: The opinions and suggestions provided in this article are those of individual analysts and do not reflect the viewpoints of VoM News. We encourage investors to consult with certified experts before making any investment choices.

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