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Indian Equity Indices Soar to New Heights Amidst Positive Global Market Trends


Mumbai: Benchmark equity indices Sensex and Nifty reached their fresh record highs on Monday, amid optimism in global markets and foreign fund inflows.

Buying in index major Reliance Industries also fuelled the rally in equities. The 30-share BSE Sensex jumped 494.28 points or 0.67 per cent to settle at a new closing peak of 74,742.50. During the day, it zoomed 621.08 points or 0.83 per cent to reach a record intra-day high of 74,869.30.

The NSE Nifty climbed 152.60 points or 0.68 per cent to 22,666.30. During the day, it jumped 183.6 points or 0.81 per cent to hit a lifetime high of 22,697.30.

From the Sensex basket, Maruti, Mahindra & Mahindra, NTPC, JSW Steel, Larsen & Toubro, Reliance Industries, Axis Bank, and Power Grid were the major gainers.

Nestle, Wipro, Tata Consultancy Services, HDFC Bank, Titan, HCL Technologies and Infosys were the laggards.

“Global equities posted mostly modest moves as investors prepared for a busy week that includes US inflation data, and European Central Bank interest rate decision,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

In the broader market, the BSE midcap gauge climbed 0.26 per cent while smallcap index dipped 0.06 per cent.

Auto index climbed 1.65 per cent, oil & gas jumped 1.51 per cent, energy (1.24 per cent), consumer discretionary (1.14 per cent), realty (1.21 per cent), metal (1.10 per cent) and utilities (0.90 per cent).

Services, teck and IT were the laggards. A total of 266 stocks hit their 52-week high while 12 hit their 52-week low on the BSE.

In Asian markets, Seoul, Tokyo and Hong Kong settled in the positive territory while Shanghai ended lower.

European markets were trading in the positive zone. Wall Street ended with gains on Friday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,659.27 crore on Friday, according to exchange data. Global oil benchmark Brent crude declined 0.81 per cent to USD 90.43 a barrel.

“The buoyancy in sentiment continued, led by sectorial tailwinds and Q4 earnings growth expectations. The up-move was largely broad-based, with outperformance by auto, reality, oil & gas, and consumer discretionary, while IT was tepid owing to insipid Q4 growth expectations due to a slowdown in spending,” said Vinod Nair, Head of Research, Geojit Financial Services.

The Indian stock market is showcasing robust growth, with benchmark indices Sensex and Nifty charting new territories. The enthusiasm among investors is palpable as consistent foreign fund inflows and the upbeat mood in global equities lend substantial support. Notable contributions from heavyweights like Reliance Industries have been pivotal in steering the market to these levels.

Analysts point out that the current surge is indicative of an overarching positive sentiment that is underpinned by the anticipation of strong earnings in the fourth quarter. Furthermore, the automotive sector, real estate, oil & gas, and consumer discretionary sectors are outpacing their peers, showing remarkable gains and adding impetus to the broader market’s performance.

The blend of international and domestic factors is creating an environment ripe for market gains. Eyes are on key global economic updates, such as the forthcoming U.S. inflation data and the European Central Bank’s interest rate decisions, which can influence the direction of the market in the near term. Additionally, with global oil prices experiencing a slight decrease, there appears to be less immediate pressure on inflationary concerns, allowing for a more favorable investment climate.

In contrast, the more tepid performance of the technology sector reflects cautious investor sentiment regarding future growth, influenced by a forecasted deceleration in spending. This serves as a reminder that even amidst a generally optimistic market landscape, not all sectors are uniformly benefitting from the current economic dynamics.

Asian markets too mirrored positivity, with Seoul, Tokyo, and Hong Kong closing higher, although the Shanghai market bucked the trend with a lower settlement. European markets have remained buoyant, and Wall Street’s gains continue to encourage global investor confidence. The pattern of foreign investors net buying in Indian equities further solidifies the optimism and cross-border confidence in India’s market trajectory.

In summary, India’s stock market stands on firm ground, bolstered by international tailwinds, promising corporate earnings forecasts, and robust sector performances. As new peaks are reached, market watchers remain vigilant, evaluating the interplay between global economic events and domestic market dynamics, which will steer the course of India’s financial markets in the coming days.

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