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Saturday, February 24, 2024

Stock Market Ends at All-Time Highs; Sensex Approaches 69k, Nifty Hits 20,500

<p>The Sensex and Nifty, two major equity indexes, surged over 2 percent to close at all-time highs on Monday, the fifth day in a row of gains as market mood was bolstered by the BJP’s win in three states’ assembly elections.</p>
<p><img decoding=”async” class=”alignnone wp-image-295840″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-stock-market-ends-at-all-time-highs-sensex-approaches-69k-nifty-hits-20500-downloa.jpg” alt=”theindiaprint.com stock market ends at all time highs sensex approaches 69k nifty hits 20500 downloa” width=”1049″ height=”786″ title=”Stock Market Ends at All-Time Highs; Sensex Approaches 69k, Nifty Hits 20,500 9″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-stock-market-ends-at-all-time-highs-sensex-approaches-69k-nifty-hits-20500-downloa.jpg 259w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-stock-market-ends-at-all-time-highs-sensex-approaches-69k-nifty-hits-20500-downloa-150×112.jpg 150w” sizes=”(max-width: 1049px) 100vw, 1049px” /></p>
<p>According to analysts, the BJP’s resounding victories in the state elections of Madhya Pradesh, Rajasthan, and Chhattisgarh enhanced the optimistic atmosphere that had been created last week as a result of strong macroeconomic data and continuous inflows of foreign capital.</p>
<p>Additionally, they said that the cheap price of crude oil—around USD 80 per barrel—boosted investor confidence. The 30-share BSE Sensex closed at a historical high of 68,865.12, up 1,383.93 points, or 2.05 percent. The index reached a record-breaking intraday high of 68,918.22. Since May 20, 2022, the barometer has had its largest one-day increase.</p>
<p>In addition, the Nifty increased by 418.90 points, or 2.07 percent, to close at its highest peak ever, 20,686.80. 44 of the 50 stocks in the Nifty benchmark finished higher.</p>
<p>ICICI Bank and SBI topped the index among Sensex companies, with greatest gains of 4.68 percent and 3.99 percent, respectively. Kotak Mahindra Bank, HDFC Bank, and Larsen & Toubro were the other big winners.</p>
<p>However, Wipro and Tata Motors went against the grain and had negative trading.</p>
<p>“The BJP’s resounding victory in three state elections sends the benchmark index to an all-time high. It sparked a rally with the hope that after the national elections the next year, the nation would have a stable administration, according to Vinod Nair, Head of Research at Geojit Financial Services.</p>
<p>“All the sectors have broadly participated in the rally with an optimism that the FIIs will continue its value buying, indicating positive commentary on the global inflation data and stable domestic macroeconomics,” Nair said.</p>
<p>According to market statistics, foreign institutional investors bought shares on Friday for a total of Rs 1,589.61 crore. Asia’s markets saw a 1.10 percent decline in the Hang Seng, a 0.70 percent decline in the Nikkei 225, and a 0.29 percent decline in the Shanghai Composite.</p>
<p>European markets were uneven, with the DAX in Germany rising 1.10 percent and the CAC 40 in France up 0.05 percent. The FTSE 100 in London fell 0.67 percent. The S&P 500 registered a 0.59 percent rise on Friday, as the US markets concluded in a mixed bag.</p>
<p>The benchmark for world oil, Brent crude, fell 0.65% to USD 78.37 a barrel.</p>
<p>The RBI’s interest rate decision, which is scheduled to be made public later this week, as well as global trends and foreign investor trading activity are all expected to have an impact on domestic equities markets.</p>
<p>The Nifty increased 473.2 points, or 2.39 percent, last week, while the BSE benchmark increased 1,511.15 points, or 2.29 percent.</p>
<p>On Friday, the market capitalization of NSE-listed businesses crossed the USD 4 trillion (Rs 334.72 trillion) threshold for the first time. On Wednesday, November 29, the total market worth of all BSE-listed businesses crossed the USD 4 trillion threshold for the first time.</p>

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