MUMBAI: India’s benchmark indices Sensex and Nifty soared to record highs on Monday during the market opening, propelled by recent win of the ruling BJP in the crucial state elections, apart from robust domestic macroeconomic data and an increased expections of a US rate cut in March.
The Sensex surged by an all-time high of 950.15 points to open at 68,435.34. Simultaneously, the Nifty also marked an all-time high gain of 334.6 points, opening at 20,601.95. Notably, 49 Nifty companies witnessed advances while only one experienced a decline.
Top gainers in the Nifty firms included Adani Enterprises, Adani Ports, LT, SBI and Bharti Airtel, contributing to the market’s remarkable ascent. However, Britannia stood as the lone loser during the market opening.
As the opening session progressed, the Sensex continued its upward trajectory, surging by 950.15 points to open at 68,435.34, while the Nifty rose by 334.6 points, reaching the level of 20,601.95.
Parallelly, gold prices achieved a historic milestone by surpassing $2,100 on Monday, propelled by heightened trader confidence amid expectations of a Federal Reserve interest rate cut in the upcoming year.
Varun Aggarwal, founder and managing director, Profit Idea, said, “Gold prices achieved a historic milestone, surpassing $2,100 on Monday. Traders demonstrated increased confidence amid expectations of a Federal Reserve interest rate cut in the coming year”.
Closing the week on a peak for the year, the market index reflected growing optimism about the Federal Reserve’s stance on interest rates.
Aggarwal said, “The market index concluded the week at its peak for the year, driven by growing optimism about the Federal Reserve’s stance on interest rates. The S&P 500 increased by 0.59 per cent to reach 4,594.63, the Nasdaq Composite, dominated by tech stocks, gained 78.81 points or 0.55 per cent to settle at 14,305.03, and the Dow Jones Industrial Average surged by 294.61 points, closing at 36,245.50. This surge is attributed to the belief that the Federal Reserve may cease interest rate hikes and potentially implement cuts next year amid a cooling inflationary environment”.
Key indices, including the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average, surged, fuelled by the belief that the Federal Reserve may halt interest rate hikes and potentially implement cuts in the face of a cooling inflationary environment.
Aggarwal stated, “India’s electronics exports witnessed a substantial 28 per cent increase, reaching $15.48 billion during April-October 2023. The top contributing states include Tamil Nadu with $4.8 billion, Uttar Pradesh with $2.6 billion, Karnataka with $2.3 billion, Maharashtra with $1.7 billion, and Gujarat with $1.6 billion”.
Moreover, India’s electronics exports witnessed a substantial 28 per cent increase, reaching $15.48 billion during April-October 2023. Noteworthy contributors include Tamil Nadu, Uttar Pradesh, Karnataka, Maharashtra, and Gujarat.
Closing the report on a bullish note, the Nifty upper band target of 20,466 was achieved, reinforcing confidence in the market’s trajectory.
Analysts predict higher targets of 21,234-21,410 in the medium term, advising investors to capitalize on market dips and accumulate shares in fundamentally sound companies. The overall sentiment remains bullish on the Indian market. (ANI)