Sensex Soars: Record Highs with 955 Points Gain
Record-Breaking Surge: Indian Stock Market Hits All-Time Highs with Sensex Up by 955 Points
In today’s trading, the stock market in India reached a new all-time high. The BSE Sensex, which includes 30 major stocks, went up by 955 points, reaching a record of 70,540. The broader NSE Nifty index also increased by 263 points, hitting a new high of 21,189.55.
Not only the major stocks but also smaller and mid-sized ones saw positive movements. The Nifty Midcap 100 rose by 0.84%, and small-cap stocks gained 1.13%. The India VIX, an index indicating market fear, went up by 3.23% to 12.46.
This surge is attributed to the rise in shares of IT companies, which make a significant portion of their revenue from the US. This comes after the Federal Reserve mentioned progress in easing inflation while keeping interest rates steady.
In the global market, Asian markets mostly showed positive trends, and Wall Street equities gained in the previous session.
Foreign portfolio investors (FPIs) bought Indian shares worth Rs 4,710.86 crore, while domestic institutional investors (DIIs) sold shares worth Rs 958.49 crore.
Among the 15 sector gauges compiled by the NSE, 12 were trading positively. Sectors like IT, Banking, and Financial Services outperformed, while Pharma, Healthcare, and Media sectors faced declines.
On a stock-specific note, Tech Mahindra led the gains in the Nifty pack, rising by 3.73%. Other gainers included HCL Tech, LTIMindtree, Wipro, and Bajaj Finance.
However, some stocks, such as PowerGrid, BPCL, Cipla, Nestle India, and Sun Pharma, faced declines.
The market breadth was positive, with 2,199 shares advancing and 765 declining on BSE. Notable gainers on the BSE index included HDFC Bank, ICICI Bank, Infy, Reliance Industries, Tata Consultancy Services, Axis Bank, and Bajaj Finance.
Additionally, Sonata Software, Mastek, Adani Total Gas, Mphasis, HUDCO, Adani Green, Manappuram Finance, and Zensar Technologies saw significant surges, while Chambal Fertilisers, Hindustan Zinc, Nippon Life India Asset Management, and Vedant Fashions faced declines, falling up to 2%.
