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Friday, July 19, 2024

Markets hit fresh lifetime highs; Sensex gains 370 points

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MUMBAI, Dec 28: Equity benchmark indices Sensex and Nifty
advanced further to settle at record highs for the second straight
session on Thursday, buoyed by lower crude prices in international
markets and fresh foreign fund inflows amid largely positive global
Hectic buying in energy, metal and FMCG counters also added to
the momentum, traders said.
Rising for the fifth consecutive day, the 30-share BSE Sensex
jumped 371.95 points or 0.52 per cent to settle at an all-time
closing high of 72,410.38. During the day, it rallied 445.91 points or
0.61 per cent to reach its lifetime peak of 72,484.34.
The Nifty climbed 123.95 points or 0.57 per cent to settle at a fresh
record of 21,778.70. During the day, it zoomed 146.7 points or 0.67
per cent to hit its lifetime high of 21,801.45.
In the last five sessions, the BSE benchmark rallied 1,904.07 points
or 2.70 per cent, and the Nifty climbed 628.55 points or 2.97 per
“The benchmark index maintained its optimism and hit a fresh high
owing to ease in the Red Sea issue and reversal of FII inflows. A
decline in crude oil prices below USD 80 prompted widespread
purchasing across oil and energy companies.

“The Asian market too advanced due to expectation of more
aggressive rate cuts by the Fed next year,” said Vinod Nair, Head of
Research at Geojit Financial Services.
Mahindra & Mahindra was the biggest gainer in the Sensex pack,
rising 2.81 per cent, followed by NTPC, Power Grid, Nestle, Tata
Motors, ITC, Bharti Airtel and Kotak Mahindra Bank.
In contrast, Larsen & Toubro, Wipro, JSW Steel, UltraTech Cement,
and Asian Paints were among the laggards.
In the broader market, the BSE midcap gauge climbed 0.66 per
cent, and smallcap index advanced 0.23 per cent.
Among the indices, oil & gas jumped 2.45 per cent, energy rallied
2.18 per cent, metal (1.60 per cent), FMCG (1.24 per cent), realty
(0.97 per cent) and power (0.95 per cent).
On the other hand, industrials and IT were the laggards.
“Asian shares scaled five-month peaks on Thursday as market
wagers on ever-more aggressive rate cuts extended a huge rally in
US stocks. Gains in Asia were led by Chinese shares, which were
headed for their best day in four months, boosted by a rotation
into some of 2023’s worst-performing sectors. European stocks
opened mildly lower,” said Deepak Jasani – head of retail research,
HDFC Securities.
In Asian markets, Seoul, Shanghai, and Hong Kong settled with
gains, while Tokyo ended lower.

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European markets were trading marginally lower. The US markets
ended in the green on Wednesday.
“Markets have been gaining for five consecutive trading sessions
on the back of optimism over expected growth next year. Global
markets were also supportive as investors hoped for an early rate
cut in 2024.
“Also, FIIs have turned net buyers after being sellers for six
consecutive days. Overall, we expect the positive momentum to
continue and markets to end the year on a buoyant note,” said
Siddhartha Khemka, Head of retail Research, Motilal Oswal
Financial Services Ltd.
Global oil benchmark Brent crude declined 0.73 per cent to USD
79.07 a barrel.
Foreign Institutional Investors (FIIs) turned buyers on Wednesday
after continuous offloading and bought equities worth Rs 2,926.05
crore, according to exchange data.
In the previous session, the BSE benchmark jumped 701.63 points,
or 0.98 per cent, to settle at its all-time closing high of 72,038.43.
The Nifty climbed 213.40 points, or 1 per cent, to settle at a record
high of 21,654.75. (PTI)

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