Indian Stock Markets Hit Record Highs for Third Consecutive Session

Indian Stock Markets Hit Record Highs for Third Consecutive Session Image: PTI

VoM News Desk | December 6, 2023 | 06:58 PM IST | Breaking News | Follow on Google News

Indian Stock Markets Hit Record Highs for Third Consecutive Session

Indian Stock Markets Hit Record Highs for Third Consecutive Session

Equity benchmarks, the Sensex and the Nifty 50, continued their record-setting streak for the third consecutive session on Wednesday, December 6. The positive sentiment is fueled by expectations of political stability post General Elections 2024 and a robust growth outlook.

Seven-Day Winning Streak

Both the Nifty 50 and the Sensex closed higher for the seventh consecutive session, with the Nifty 50 surging 5.8% and the Sensex gaining 5.6% during this period.

Factors Driving Market Sentiment

The positive market sentiment is attributed to robust Q2 GDP figures in India, a promising growth trajectory, diminishing inflationary pressures, steady interest rates, a downturn in US bond yields, and anticipated political stability post the upcoming General Elections.

Market Closing Highlights

• Nifty 50 closed at 20,937.70, up 83 points, or 0.40%.
• Sensex closed with a gain of 358 points, or 0.52%, at 69,653.73.
• Both indices closed at fresh record highs.
• Nifty 50 hit a record high of 20,961.95, and Sensex scaled its peak of 69,744.62 during the session.

Market Capitalization and Investor Gains

The overall market capitalization of BSE-listed firms rose to nearly ₹349 lakh crore, making investors richer by about ₹2.5 lakh crore in a single session. Over the seven-day rally, investors gained over ₹20 lakh crore.

Stocks and Sectoral Performance

• Over 370 stocks, including Larsen & Toubro, Mahindra and Mahindra, Nestle, NTPC, Power Grid Corporation, Sun Pharma, Tata Motors, and Titan, hit their fresh 52-week highs.
• Wipro, LTIMindtree, and ITC were the top gainers in the Nifty 50 index, while Adani Enterprises, Eicher Motors, and Cipla were the top laggards.
• Nifty Bank and Nifty Private Bank closed lower, while the Nifty PSU Bank index gained.
• Nifty Media, IT, and Oil & Gas indices rose significantly.

Expert’s Views and Technical Analysis

Market optimism post-state elections, receding inflation, dropping yields, and a robust reversal in FIIs are contributing to the positive momentum. Analysts suggest a consolidation is likely around the psychological level of 21,000 for Nifty. Short-term profit booking may occur, considering domestic premium valuation concerns.

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