Stock markets surge, Sensex and Nifty close at record highs

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MUMBAI: In a buoyant session on Tuesday, the Indian stock market witnessed a surge, with the benchmark indices closing at record highs. The BSE Sensex soared by 454.67 points, or 0.63 per cent, to reach 72,186.09, while the NSE Nifty ended the day at 21,939.15, up by 167.45 points or 0.77 per cent. .

However, Nifty Bank saw a slight decline, settling at 45,781.35 after slipping by 44.20 points or 0.10 per cent. Among the top gainers in the Sensex pack were HCL Tech, TCS, Maruti, Wipro, and LT, driving the index higher.

Conversely, PowerGrid, IndusInd Bank, ITC, Kotak Bank, and Bajaj Finserv lagged behind, registering losses. From the Nifty pack, major gainers included BPCL, HDFC Life, HCL Tech, TCS, and Maruti, while PowerGrid, Britannia, IndusInd Bank, ITC, and Grasim faced setbacks.

Varun Aggarwal, founder and managing director, Profit Idea, said, “In global markets, European stocks saw an uptick, buoyed by robust results from BP Plc. Chinese stocks witnessed a significant surge, with the Shanghai Composite jumping 3.2 per cent and the blue-chip CSI 300 climbing 3.5 per cent. However, Japan’s Nikkei share average fell by 0.53 per cent”.

Despite volatile crude oil prices, the rupee remained stable at 83.03 against the US dollar. Investors are eagerly awaiting the outcome of the Reserve Bank’s monetary policy committee meeting, scheduled for Thursday.

He added, “In other developments, President Xi Jinping is slated to hold discussions with financial regulators in China regarding the struggling stock market”.

Regulators have announced additional restrictions on short selling, while state investors are expanding their stock buying plans.

On the global front, MSCI’s broadest index of world shares dipped by 0.36 per cent, and the pan-European STOXX 600 index closed 0.1 per cent lower.

Additionally, digital ad tech giants reported a significant rebound in advertising spends, with ad revenue for Alphabet/Meta growing by 11 per cent YoY/24.2 per cent YoY in Q4CY23, driven by the festive season and traction in the online commerce vertical.

Amazon’s e-commerce sales also saw robust growth of 19.9 per cent YoY/8.9 per cent YoY in Q4CY23, indicating a strong consumer sentiment. (ANI)

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