Nifty Soars Above 21250, Sensex Gains 359 Points-A Closer Look at the Bullish Trend
Sensex and Nifty Today 21 December 2023: Indian stock market indexes ended with decent gains on Thursday, after a sharp fall in the previous session. The domestic markets opened lower following negative global cues and extended their previous session losses in the morning deal. However, equity benchmarks erased all their initial losses in the late morning session and resumed their northward journey.
Markets took support with an analysis conducted by the PHD Research Bureau, PHD Chamber of Commerce and Industry showed the report that India has emerged as the most strong economy among the top ten leading economies in the post-pandemic years of 2022, and 2023.
Some support also came as the latest data showed formal job creation under the Employees` Provident Fund Organisation (EPFO) increased 18.2% annually in October with an increase of 1.53 million net new subscribers.
Meanwhile, Traders also took note of an article published in the Reserve Bank of India (RBI) bulletin stated that broad-based strengthening of economic activity in India will likely be sustained and retail inflation is expected to fall to 4.6% in the first three quarters of 2024-25 from the latest print of 5.6%.
Sensex and Nifty Today
The Nifty 50 index closed higher by 104.90 points or 0.50 percent and closed at 21255.05 levels while the Sensex was up by 358.79 points or 0.51 percent and finished at 70865.10 levels. The Bank Nifty index ended higher by 394.85 points or 0.83 percent on the spot level and closed at 47840.15 levels.
The broader markets outperformed their larger peers today, as the Nifty midcap index was up by 742.75 points or 1.69 percent and closed at 44767.70 levels. The Nifty smallcap index ended higher by 280.10 points or 1.94 percent at 14687.95 levels.
Nifty 50 Top Gainers & Losers
The top gainers in the Nifty 50 index were BPCL, Power Grid, Britannia, HDFC Bank, and Hindalco, and the top losers were Bajaj-Auto, Bajaj Finance, Axis Bank, HCLTech, and Cipla.
The top gainers in the Nifty midcap index were IRFC, Sona BLW, and Delhivery and the top losers were Prestige, Indian Bank, and Syngene.
The smallcap top gainers were Hind Copper, Zensar Tech, and Metropolies while the top losers were CUB, IIFL, and Credit Access.
The most active stocks in the Nifty index in terms of value were HDFC Bank, Reliance, and ICICI Bank. The most active stocks in terms of volume were Tata Steel, ONGC, and SBI.
On the sectoral front, all sectoral indices closed in the green, with Nifty Media, Energy, and PSU Bank gaining the most.
Global Stock Market Updates Today
The other Asian stock market indexes mostly closed lower on Thursday. Indices opened lower tracking a sharp fall from Wall Street overnight, as investor’s focus now shifted to US Q3 GDP data, due later in the day. Japan’s Nikkei extended early losses and closed lower by 1.62%, while Australia’s S&P ASX 200 index plunged 0.45%.
South Korea’s Kospi ended lower by 0.55% snapping its three-day winning streak. Shanghai and Hang Seng recovered early losses and closed higher by 0.57% and 0.04%. The Straits Times and SET Composite closed higher, while Taiwan and Jakarta ended in the red. European stock market indexes are trading in the red, following the heavy losses from Wall Street overnight.
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