Indian stock market. PTI.
The Nifty 50 created history by hitting a lifetime high of 21,603 on Wednesday, 27 December, 2023.
At 12:23 pm IST, NSE Nifty was trading at 21,562.85, up 121 points or 0.57 per cent at
Rally in US stocks overnight has contributed to the gains observed across major sectoral indices, including Nifty Bank, Nifty Financial Services, Nifty Metal, and Nifty IT.
On Wednesday, banking stocks were leading the charts with major gains posted by HDFC Bank, Reliance Industries Ltd and Infosys.
Meanwhile, the S&P BSE Sensex also touched 71,871 on Wednesday and was trading at 71,763.17 up over 343.68 points.
The Sensex had hit its all-time high of 71,913.07 on 20 December.
The benchmark indices have remained consistently in positive territory over the past four trading sessions. So far in December, both Sensex and Nifty have gained more than 7 per cent.
With the Indian stock market sustaining a consistent bull run, it is expected to conclude the last trading week of 2023 on a positive trajectory.
The surge in the Indian stock market could be attributed to healthy domestic macro numbers, cooling inflation in the US which has increased hope of investors of possible rate cuts, sustained fall in the US bond yields and dollar and buying by foreign portfolio investors (FPIs).
A report by Reuters quoted Apurva Sheth, head of market perspective and research at Samco Securities, saying the current positive trend could continue, emphasising that December typically exhibits strength in the markets.
With inputs from agencies