Stock market today: Why Sensex surged over 650 points today — explained with five reasons | Mint
Active Stocks
Fri Feb 23 2024 15:58:13
  1. Tata Steel share price
  2. 145.50 -0.24%
  1. State Bank Of India share price
  2. 759.40 -0.86%
  1. HDFC Bank share price
  2. 1,420.90 0.08%
  1. NTPC share price
  2. 337.70 -0.54%
  1. ITC share price
  2. 411.60 -0.65%
Business News/ Markets / Stock Markets/  Stock market today: Why Sensex surged over 650 points today — explained with five reasons
BackBack

Stock market today: Why Sensex surged over 650 points today — explained with five reasons

Stock market today: Sensex today opened upside and went on to hit intraday high of 65,601 levels, logging 668 points intraday rise during Wednesday deals

Stock market closing: After soft US inflation data, fear of US Fed rate hike has eased, which has put US dollar index under pressure, say experts.Premium
Stock market closing: After soft US inflation data, fear of US Fed rate hike has eased, which has put US dollar index under pressure, say experts.

Stock market today: On account of soft US inflation date and ease in US Fed rate hike fear putting US dollar index under pressure, Indian stock market witnessed strong buying during Wednesday deals. In opening bell today, all key benchmark indices — Sensex, Nifty 50 and Bank Nifty — opened with upside gap.

Sensex today opened higher at 65,461 and went on to hit intraday high of 65,601 levels, registering intraday gain of 668 points within few hours of stock market's opening bell today. 

Nifty 50 index opened higher and hit intraday high of 19,653 levels, logging 210 points gain during Wednesday session against its Monday close of 19,443 mark. Likewise, Bank Nifty index today opened higher at 44,398 levels and went on to hit intraday higih of 44,408 mark, registering intraday gain of 517 points on Wednesday.

Triggers for stock market today

On reasons that fuled Sensex over 650 points, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Indian stock market has risen after taking a pause on Monday. We can attribute five major reasons that have fueled Indian stock market today — soft US inflation data, US dollar index hitting 10-week low and dip in US treasury yield are major global triggers for the Indian stock market and I am expecting a fresh bull market after consolidation in last few months on FIIs' selling. But, for that fresh bull trend, FIIs' need to turn bullish on Indian stock market."

On domestic indicators that helped Sensex log over 650 points on Wednesday, Avinash Gorakshkar said that continuation of strong quarterly results and resulrgent Indian economy are also doing the trick for Dalal Street.

So, these five triggers have worked in favour of Indian stock market together that helped key benchmark indices of the Indian indices to register strong gains during Wednesday session.

Gold rate today jumps as soft US inflation data pulls down US dollar index

Today's rally is a participatory rally as small-cap index has outperformed key benchmark indices whereas mid-cap index has risen to the tune of 0.85 per cent and around two hours of trade is still left today.

Sensex, Nifty 50 outlook

Expecting bull trend to continue with some pause, Sumeet Bagadia, Executive Director at Choice Broking said, “Sensex today is in bull trend and it may go up to 68,000 levels once it decisively breaches its current resistance placed at 66,000 levels."

Sumeet Bagadia said that Nifty 50 today is facing hurdle at 19,800 levels. Once it breaches this resistance, it may touch 20,000 levels in near term.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 15 Nov 2023, 01:59 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App