Stock Markets Scale New Highs on Global Cues; Sensex Closes Near 71,500

Stock Markets Scale New Highs on Global Cues; Sensex Closes Near 71,500

Asif Iqbal | December 15, 2023 | 07:16 PM IST | Breaking News | Follow on Google News

Stock Markets Scale New Highs on Global Cues; Sensex Closes Near 71,500

Stock Markets Scale New Highs on Global Cues; Sensex Closes Near 71,500

The Indian stock market witnessed a bullish spree on Friday, with benchmark indices Sensex and Nifty 50 surging to record highs. The BSE Sensex escalated by nearly 1,000 points, concluding the day at 71,483.75, while the Nifty 50 soared 273 points to settle at 21,456.65. During the day, Sensex hit an intraday high of 71,605.76, while Nifty 50 crossed the 21,400 mark.

The Information Technology (IT) index, with its substantial weightage, marked a substantial gain of about 2%, emerging as one of the top performers among sectors. IT companies, majorly reliant on US revenue, surged by 4.5% this week, exhibiting their most robust performance in a month.

India’s Foreign Exchange Reserves Rise to USD 606.859 Billion

The positive movement followed Federal Reserve Chair Jerome Powell’s acknowledgement of the risks associated with delaying rate cuts, signaling a potential 25 basis point (bp) rate reduction by March 2024.

This news spurred a global rally across stock markets.Further reinforcing the surge, the Metal index surged by 1.8% due to a hike in global metal prices, as the US dollar weakened following the Fed’s dovish stance on future rate trajectories.

Both the Nifty 50 and Sensex marked a growth of about 1.5% each this week, setting a record for their longest joint weekly winning streak since January 2018.

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Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.