Indian Equity Indices Set Fresh Records for Seventh Consecutive Session

Indian Equity Indices Set Fresh Records for Seventh Consecutive Session Image: Mint

VoM News Desk | December 6, 2023 | 07:39 PM IST | Breaking News | Follow on Google News

Indian Equity Indices Set Fresh Records for Seventh Consecutive Session

Indian Equity Indices Set Fresh Records for Seventh Consecutive Session

Indian equity indices extended their winning streak for the seventh straight session, reaching new record highs on Wednesday. The rally was led by notable gains in Reliance Industries, ITC, and L&T, driven by persistent foreign fund inflows.

Market Highlights:

• The BSE 30-share Sensex surged 357.59 points, or 0.52%, closing at a new record of 69,653.73.
• The NSE Nifty climbed 82.60 points, or 0.40%, reaching a fresh high of 20,937.70.
• Reliance Industries, ITC, and L&T played significant roles in driving the rally.
• Foreign institutional investors (FIIs) sold stocks worth ₹11,916.30 crore and bought stocks for ₹11,836.42 crore, resulting in a marginal outflow of ₹79.88 crore.
• Domestic institutional investors (DIIs) bought equities worth ₹12,323.18 crore and sold shares worth ₹10,951.00 crore, leading to a net inflow of ₹1,372.18 crore.

Expert Analysis and Market Optimism:

Vinod Nair, Head of Research at Geojit Financial Services, highlighted the post-state elections’ positive impact on market optimism, confirming policy continuity and meeting investor expectations. A robust reversal in FIIs is attributed to receding inflation and dropping yields in both US and Indian markets. The attractiveness of the Indian market post-China’s credit rating downgrade and oil price decline has further fueled optimism.

Sectoral Performance:

• In the broader market, the BSE large-cap index rose by 0.61%.
• The mid-cap gauge gained 0.19%, and the small-cap index advanced by 0.18%.
• Sectoral leaders included utilities (surged 3%), power (2.41%), oil & gas (1.96%), IT (1.48%), capital goods (1.25%), and tech (1.18%).
• Healthcare declined by 0.64%, telecommunications slipped 0.58%, and the bankex fell 0.50%.

Despite the promising outlook, short-term profit booking may occur due to concerns about domestic premium valuations. Ongoing factors such as El Nino risks, reservoir levels, and reduced sowing could influence the RBI’s decisions on growth and future inflation estimates.

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