Stock Market Today: Sensex, Nifty 50 settle at fresh closing peaks; Investors pocket over ₹2 lakh crore in a day
Stock market today: Sensex closed the day with a gain of 702 points, or 0.98 per cent, at 72,038.43 while the Nifty 50 closed at 21,654.75, up 213 points, or 1 per cent.
Stock market today: Domestic market benchmarks, the Sensex and the Nifty 50, ended in positive territory for the fourth consecutive session on Wednesday, December 27. The upward trend was fueled by across-the-board buying, reflecting investors' high-risk appetite driven by anticipated robust economic growth and the likelihood of global interest rate reductions, expected to commence in the first half of the coming year.
Nifty 50 opened at 21,497.65 against the previous close of 21,441.35 and hit its fresh record high of 21,675.75 during the session.
The Sensex opened at 71,492.02 against the previous close of 71,336.80 and hit its fresh record high of 72,119.85 during the trade.
Sensex finally closed the day with a gain of 702 points, or 0.98 per cent, at 72,038.43 while the Nifty 50 closed at 21,654.75, up 213 points, or 1 per cent.
Both the indices ended at their fresh closing peaks. In fact, this was the first time the Sensex closed above the 72,000 level. With Wednesday's gain, the Sensex and the Nifty 50 have jumped almost 8 per cent in December so far.
Mid and smallcaps underperformed the benchmarks on Wednesday; the BSE Midcap index settled with a gain of 0.41 per cent while the BSE Smallcap index ended 0.20 per cent higher.
The overall market capitalisation of the firms listed on the BSE rose to nearly ₹361.3 lakh crore from nearly ₹358.9 lakh crore in the previous session, making investors richer by about ₹2.4 lakh crore in a single session.
Over 360 stocks, including IndusInd Bank, JSW Steel, Larsen & Toubro, Nestle, Tata Motors, Tata Steel, Titan and UltraTech Cement, hit their fresh 52-week highs in intraday trade on BSE.
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Top gainers in the Nifty 50 index today
As many as 39 stocks ended in the green in the Nifty 50 index while 10 ended lower. One stock - Hero MotoCorp - ended flat.
Shares of UltraTech Cement (up 4.50 per cent), Hindalco (up 4.25 per cent) and Bajaj Auto (up 3.86 per cent) closed as the top gainers in the Nifty 50 index.
Top laggards in the Nifty 50 index today
Shares of ONGC (down 0.94 per cent), NTPC (down 0.90 per cent) and Adani Enterprises (down 0.68 per cent) settled as the top laggards in the Nifty 50 pack.
Sectoral indices today
Barring Nifty Oil & Gas (down 0.29 per cent), all sectoral indices ended higher on Wednesday.
Banking, financial, auto and metal indices clocked strong gains.
Nifty Bank hit its fresh record high of 48,347.65 before closing 1.17 per cent higher at 48,282.20.
The Nifty PSU Bank index jumped 2.06 per cent while the Private Bank index rose 0.97 per cent. Nifty Financial Services closed with a gain of 0.96 per cent.
Nifty Auto jumped 1.51 per cent while the Metal index rose 1.39 per cent.
Experts' views on markets
"The upbeat domestic market continued reaching a new record high and easily recovered the last week's losses. This upward trend was predominantly supported by the Santa Claus rally in anticipation of early rate cuts by the US Fed and cooling global inflation. Additionally, the news of major shipping companies resuming operations through the Red Sea despite ongoing tensions further bolstered domestic sentiment," said Vinod Nair, Head of Research at Geojit Financial Services.
"Nifty has reclaimed its record high and closed decisively above the 21,500 mark. We expect the prevailing move to extend further and eyeing 22,150 levels. We feel the alignment of the banking index and supportive global cues would continue to play a critical role in maintaining the momentum else the move could be gradual. Traders should stay focused on stock selection and prefer index majors and quality midcaps for fresh buying," said Ajit Mishra, SVP - Technical Research, Religare Broking.
Technical views on Nifty 50
"The Nifty experienced a significant rally as Put writers amassed substantial positions at 21,500. Additionally, the daily chart showcased a breakout from consolidation. The Relative Strength Index (RSI) indicates a bullish crossover, coinciding with the index positioned above a crucial moving average. Looking ahead, the index potentially aims for a range between 21,750-21,800 on the upside, with support resting at 21,500," said Rupak De, Senior Technical Analyst at LKP Securities.
"Nifty has bullish momentum; it has crossed 21,500–21,600 levels, which act as key resistance zones. Now, we can expect a move towards 21,800/22,000. 21,500 is a key support level; below this, we can expect pressure towards the 21,325 level," said Pravesh Gour, Senior Technical Analyst at Swastika Investmart.
"Bank Nifty has experienced a breakout from a triangular formation, securing a closure above the 48,200 levels. This development suggests a potential upward move towards 48,800/50,000. Immediate support is identified at 48,000, and a drop below this level may exert pressure, with a key support level at 47,400," Gour said.
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