Today’s market surge has been significantly led by banking stocks, with notable gains from HDFC Bank, Reliance Industries Ltd, and Infosys. The Nifty index soared to an all-time high of 21,595.10, marking a historic day for investors and fostering optimistic expectations for robust year-end gains.
Simultaneously, the Sensex, a crucial benchmark, observed a remarkable uptick of 500 points in the morning session, peaking at 71,849 – its highest for the day. Notably, it had previously reached an all-time peak of 71,910 on December 20. Reflecting this upward trajectory, the broader Nifty 50 index had surpassed the 21,500 mark a week ago, consistently maintaining its upward momentum.
The Nifty, closing at 21,450 yesterday, opened with a positive trend today, buoyed by gains in Asian markets and bolstered by the recent interest rate cuts implemented by the US Federal Reserve, as highlighted by experts in the field.
Both the Nifty and Sensex have exhibited remarkable growth, surging by over 7 percent this month alone and sustaining a positive trend over the past four trading sessions. This consistent rise has cultivated investor anticipation, fostering expectations for a continued bull run even into the forthcoming New Year, when the markets resume activity next Monday.
Market analysts attribute this recent surge to various contributing factors such as robust domestic macroeconomic indicators, a decline in US bond yields, and the continual inflow of foreign portfolio investments (FPIs).
The prevailing sentiment among investors remains optimistic, fueled by the confluence of these favorable indicators, which have significantly bolstered market sentiment and contributed to this notable surge in indices.