BSE Sensex, Nifty50 hit new highs as Dalal Street continues party into year-end – Times of India

BSE Sensex, Nifty50 hit new highs as Dalal Street continues party into year-end - Times of India

BSE Sensex, Nifty50 In party mode! Indian benchmark equity indices hit fresh record highs on Wednesday as Asian markets rallied. This comes after China and Japan decided to keep interest rates on hold. At 11:03 AM, BSE Sensex It was over 350 points higher at 71,796.77, up 0.50 percent. The Nifty 50 was up 120 points or 0.57 per cent at 21,574.75. The BSE Sensex touched an intraday high of 71,913 by 11:00 am, while the Nifty 50 touched an intraday high of 21,593.
The Bank of Japan’s decision to maintain policy guidance and keep interest rates steady also added to the positive sentiment. Additionally, strong domestic economic data, lower oil prices, continued inflows from mutual fund investors, record foreign purchases, and an improved US rate outlook have supported it. Stock market rally.
Among Sensex stocks, Tech Mahindra, Wipro, TCS, Reliance, Infosys, and HCL Tech opened in the green, while M&M, Maruti, and Sun Pharma opened in the red. Nippon Life India Asset Management saw its stake rise 8.2% as a block deal of 2.9% equity stake took place. Shares of Varun Beverages also opened nearly 18 percent higher after it signed an MoU with the Jharkhand government for a manufacturing plant in Patratu with a total investment of Rs 450 crore. . Nifty Bank, Auto, Financial Services, Media, Metal, Pharma, and Oil & Gas also opened higher. In the broader market, the Nifty Midcap100 gained 0.66%, while the Nifty Smallcap100 gained 0.9%.
VK Vijayakumar, chief investment strategist at Geojit Financial Services, said the market is not in a holiday mood despite the holidays fast approaching. It is getting stronger, but at higher levels, he notes. The fact that the fear gauge – the VIX – is at a low of 12, is believed to be an indication of underlying market strength. He advised investors to focus on large cap stocks for safety.

In global markets, Asian shares followed Wall Street’s uptrend as expectations for a year-end rate cut continued. Japan’s Nikkei rose 1.6 percent, to its highest level in nearly a month. Hong Kong’s Hang Seng rose 1 percent, while South Korea’s Kospi rose 1.6 percent. On Wall Street, the Dow Jones gained 0.7 percent, hitting another all-time closing high, and the Nasdaq Composite gained 0.7 percent to hit its highest level since January. The S&P 500 gained 0.6%.

Business news,Stock market rally,feeling,Nifty 50,Indian Equity,BSE Sensex,Bombay Stock Exchange

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