The Indian stock market continued its bullish momentum, marking a second consecutive session of record highs. The Sensex, Nifty 50, and Nifty Bank all notched fresh peaks, with the Midcap Index inching closer, trailing by a margin of 200 points.
Key contributors to Nifty's surge included ITC, Reliance, and M&M. The year 2023 has witnessed Nifty reaching record highs in 38 trading sessions so far, underlining the market's robust performance.
The cumulative market capitalization of BSE-listed companies reached a historic high of ₹363 lakh crore, with December alone witnessing an addition of ₹28 lakh crore. The Sensex touched a pinnacle at 72,484, Nifty at 21,802, and Nifty Bank at 48,636.
In today's trading session, the Sensex gained 372 points, closing at 72,410, while the Nifty rose by 124 points to settle at 21,779. Nifty Bank surged by 226 points to 48,509, and the Midcap Index recorded an ascent of 256 points, reaching 45,815.
Oil marketing companies experienced a notable boost as crude prices slipped overnight, with HPCL leading the charge with a 10% surge. PSU companies sustained their winning streak, positioning Nifty PSU as the top gaining index.
Ahead of monthly numbers, select auto names, including M&M and Hero, emerged as the top gainers. Hindustan Copper claimed the top spot among midcap gainers, soaring by 16% on the back of the highest-ever volumes.
A fall in the dollar and US yield prompted an upswing in metal stocks, with Nalco and SAIL securing top positions among gainers.
Market this series
This December series has witnessed the market achieve its most substantial gain in nearly three years, since February 2021. Nifty surged by over 8%, and the Midcap Index recorded a 7% uptick. Nifty Bank marked its most substantial gain in a series in 17 months, posting a remarkable 9% rise.
Among the Nifty stocks, 48 recorded positive returns, with Adani Ports, NTPC, and Adani Enterprises leading the pack of gainers. However, HDFC Life, Maruti, and SBI Life faced negative returns in the December series, adding a nuanced dimension to an otherwise bullish market performance.
First Published: Dec 28, 2023 3:44 PM IST
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