15-Dec-2023
2 mins read
In a remarkable surge, Indian equity benchmarks soared to unprecedented levels during Friday’s trading session. The market was buoyed by a notable rise in the information technology (IT) and metal sectors, propelling the indices to all-time highs.
Sensex and Nifty Reach Milestones
The BSE Sensex, comprising 30 shares, witnessed a significant jump of 570 points, reaching a lifetime high of 71,084.08. In tandem, the broader NSE Nifty index escalated by 173 points, setting a new record at 21,355.65.
Broader Market Trends
The broader market mirrored the positive trend, encompassing small- and mid-cap shares. The Nifty Midcap 100 index rose by 0.29%, while the small-cap index gained 0.67%. Concurrently, the India VIX, commonly known as the fear index, experienced a 2.04% increase to 12.57.
Investor Activity
Foreign portfolio investors (FPIs) exhibited strong confidence in the Indian market, buying shares worth Rs 3,570.07 crore on a net basis in the previous session. Similarly, domestic institutional investors (DIIs) showed their bullish stance with purchases amounting to Rs 553.17 crore.
Sectoral Performance
Of 15 sector gauges compiled by the NSE, 13 traded in the green. Notably, the Nifty Metal and Nifty IT indexes outperformed the NSE platform by 1.43% and 0.81%, respectively. Contrastingly, the Nifty Financial Services sector experienced a dip in today’s market.
Individual Stock Highlights
Hindalco led the Nifty pack with a 2.86% jump, trading at Rs 558.65. Other notable gainers included JSW Steel, UPL, Tata Steel, and Infosys, with gains up to 1.70%. Conversely, stocks like HDFC Life, Nestle India, Axis Bank, BPCL, and UltraTech Cement faced a downturn.
Market Breadth
The overall market sentiment was optimistic, with 1,957 stocks advancing against 751 declining on the BSE.
BSE Index Gainers
On the 30-share BSE index, Infosys Ltd, Reliance Industries, TCS, Tata Steel, ICICI Bank, ITC, and JSW Steel were among the top gainers.
Other Noteworthy Performers
Stocks such as Kiri Industries, Zensar Tech, Aether Energy, Indian Railway Finance Corporation Ltd (IRFC), Brigade Enterprises, Infibeam Avenues, Amber Enterprises India, and National Aluminium Co also saw substantial gains, surging up to 11.60%.
Declining Stocks
Conversely, companies like Max Financial Services, Suzlon Energy, HDFC Life, Prestige Estates, Max Healthcare, and Macrotech Developer witnessed drops up to 3.61%.
The Indian stock market’s latest rally to record highs reflects a strong investor sentiment and a robust performance across key sectors, particularly IT and metals. While some sectors and stocks showed a slight downturn, the overall market trend remains overwhelmingly positive.