Domestic Market Hits Fresh All-Time Highs; Banking Stocks Lead the Surge

Domestic Market Hits Fresh All-Time Highs; Banking Stocks Lead the Surge

VoM News Desk | December 28, 2023 | 10:47 AM IST | Breaking News | Follow on Google News

Domestic Market Hits Fresh All-Time Highs; Banking Stocks Lead the Surge/Mint

Domestic Market Hits Fresh All-Time Highs; Banking Stocks Lead the Surge

Equity benchmarks Sensex and Nifty 50 continue their remarkable ascent, achieving consecutive all-time highs in the domestic market on Thursday, December 28.

The Nifty 50 initiated trading at 21,715, reaching a pinnacle of 21,759.05, marking an approximate 0.5% surge from the previous close. Similarly, the Sensex commenced at 72,262.67, scaling up by 0.5% to touch a new record of 72,406.75 in morning trading on Thursday.

Several stocks such as Mahindra and Mahindra, NTPC, Nestle, Titan, Bharti Airtel, and Bajaj Finserv observed substantial activity, while Axis Bank, Tech Mahindra, and Asian Paints faced some downward pressure.

Amid the indices, PSU bank, auto, and banking sectors emerged as top gainers, whereas IT, pharma, and media sectors experienced a downturn.

The domestic market has displayed robust bullish momentum since November, witnessing a notable 5% surge in November and an additional 8% climb for both the Sensex and Nifty 50 in December.

Market experts highlight encouraging domestic macroeconomic indicators, moderated inflation rates in the US, prospects of potential rate cuts, a consistent decline in US bond yields and the dollar, along with significant investments by foreign portfolio investors (FPIs), as crucial factors propelling the market’s upward trajectory.

Moreover, the shift of investors’ funds from mid and small-caps to largecaps due to favorable valuations, coupled with active involvement from retail investors, further contributes to the market’s ongoing surge.

VoM News Desk

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