The Nifty and Sensex surpassed all previous records as a result of an upsurge in the Indian stock market, which created a new standard for the financial sector. The stock market indices reached previously unheard-of heights at the opening bell on Monday, exceeding forecasts and inspiring hope among analysts and investors alike.
Sensex: Opened at 70,024.52, up 201.43 points
Nifty: Opened at 21,011.55, up 42.15 points
The Sensex, which replicates the Bombay Stock Exchange, and the Nifty index, which stands for the National Stock Exchange of India, both exhibited incredible power as they rose to all-time highs, indicating the strong performance of the Indian equity market. This remarkable increase supports confidence in the banking industry and is evidence of the durability and potential of the Indian economy.
Several variables, including good global cues, increased investor confidence, and optimism surrounding key economic measures, can be credited to the stock market’s recent surge. Growing optimism in the Indian economy’s recovery, reinforced by strong corporate earnings and the government’s proactive growth-stimulating initiatives, has given the market a fresh lease on life.
Notably, the Sensex hit a new high at 69,825.60 while the Nifty crossed the 21,000 barrier for the first time. Over the course of the week, there was a rise of Rs 3.04 lakh crore in the total market value of seven out of the ten most valuable corporation
Top gainers that added to the upbeat mood were IndusInd Bank, ONGC, Coal India, HCL Technologies, and UPL. On the other hand, Dr. Reddy, Maruti, Asian Paints, CIPLA, and Sun Pharma all suffered losses.
Aggarwal said, “The S&P 500 and Nasdaq registered their highest closing levels since early 2022 following a robust US jobs report, instilling investor confidence in a smooth economic soft landing. The market achieved an all-time high, propelled by robust domestic GDP growth”
He stated that although the RBI kept policy unchanged, market confidence was boosted by an updated GDP growth estimate for FY24 of 6.5% to 7%.
Aggarwal added, “Actions taken to address the liquidity deficit, such as the reversal of SDF & MDF facilities, positively impacted financials, leading to a 5 percent gain in Nifty Bank for the week. The IT, consumer, auto, and realty sectors performed well due to valuation comfort, festive momentum, and a substantial increase in residential sales,” he added.