Sensex Jumps 493 pts, Nifty Ends At Record High Of 20,268; Broader Markets Hit New Peaks

Sensex Today: A stronger-than-expected GDP growth in Q2, coupled with expansion in manufacturing PMI for November gave a shot in the arm to market bulls. The S&P BSE Sensex soared 493 points, or 0.74 per cent, Friday to settle at 67,481 levels. The Nifty50, on the other hand, closed at record closing peak of 20,268, up 135 points or 0.67 per cent. It scaled a new peak of 20,291.55 in the intraday trade.

ITC (up 3 per cent), NTPC, L&T, Britannia Industries, Axis Bank, Asian Paints, Bajaj Finance, Tata Steel, JSW Steel, SBI, Coal India, Apollo Hospitals, and ICICI Bank were the top gainers on the benchmarks today.

Meanwhile, in the broader market, the BSE MidCap index, too, hit a new high of 34,631.35 in intraday trade before closing at 34,587, up 0.96 per cent. The BSE SmallCap index, too, ended 0.48 per cent higher.

Among sectors, the Nifty Media index gained 2.57 per cent, the Nifty PSU Bank index rose 1.86 per cent, the Nifty FMCG closed 1.58 per cent higher, and the Nifty Realty advanced 1.32 per cent.

The Nifty Auto index was the only loser, down 0.36 per cent.

What Should Investors Do Now?

Parth Nyati, Founder of Tradingo, said: “The Indian equity market is in a strong bullish mood and is hitting a fresh all-time high. We may continue our momentum and outperform our other global peers, backed by the strong fundamentals and under-ownership of FIIs. FIIs may become net buyers amid rising US bond yields and the strong macroeconomics of India. State election results may create some kind of volatility, but we are preparing ourselves for a pre-election rally. In terms of level, 21000 looks like an easy task in the near term for the Nifty.”

Global Cues

Asian sharemarkets started the last month of the year on a cautious note after recent strong gains, though growing expectations Europe and the US are poised to cut rates should help ease pressure on local currencies and central banks.

The Dow Jones Industrial Average closed at its highest level since January 2022 as investors crossed the finish line of a banner month for stocks and viewed cooling inflation data as a harbinger of easing Federal Reserve monetary policy.

Oil prices fell in early Asian trade on Friday, extended losses after OPEC+ producers agreed to voluntary oil output cuts for the first quarter next year that fell short of market expectations.