Sensex Settles At 70,514; Market Capitalisation Of BSE-listed Companies Hits Rs 355 Lakh Cr
The 30-share BSE benchmark Sensex advanced 930 points or 1.34 per cent to settle at 70,514. The broader NSE Nifty advanced 319 points or 1.52 per cent to end at 21,353. Meanwhile, the market capitalisation of all listed companies on BSE increased by Rs 3.93 lakh crore to Rs 355.12 lakh crore.
From the Sensex stocks, Infosys, Tech Mahindra, Wipro, HCL Tech, IndusInd Bank, and Bajaj Finance were the top gainers, rising 3-4 per cent. On the flip side, Power Grid, Nestle, JSW Steel, Maruti, and Asian Paints closed in the red. The rise in IT stocks comes after the Fed acknowledged it is making real progress in easing inflation while maintaining a rate pause.
Fed Chair Jerome Powell said the Fed is aware of the risks of keeping rates higher for too long and lowering them too late, bolstering expectations of a rate cut in early 2024.
Sector-wise, Nifty IT surged 3.5 per cent, while Nifty Realty advanced 3.9 per cent. Nifty Bank, Financial Services, Private Bank and Oil & Gas gained over 1 per cent each. Nifty Midcap100 rose 1.3 per cent in the broader market, and Nifty Smallcap100 gained 0.85 per cent. The market breadth was skewed in the favour of the bulls. About 2,026 stocks gained, 1,748 declined and 118 remained unchanged on the BSE.
FII and FPIs, on Thursday, saw a net purchase of Rs 3,570.07 crore in the cash segment. A total of Rs.17510.33 crore was sold against a total purchase of Rs.21080.40 crore. Domestic institutional investors saw a net purchase of Rs 553.17 crore in the cash segment. A total of Rs 11,565.13 crore was sold against a total purchase of Rs 12,118.30 crore.
Meanwhile, The market continued its exuberance and hit a fresh high amid the dovish commentary from the Federal Reserve, signalling at least three rate cuts in 2024. Further, the sharp fall in US bond yields improved investors’ confidence.
An upgrade in India’s GDP forecast, ease in global oil prices and the RBI decision to clamp down inflation to the target level led to a broad-based rally with outperformance from Realty and IT.
Technically, the important key resistances placed in October Nifty future are at 21,353 levels, which could offer the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 21,373 – 21,474 levels. Immediate support is placed at 21,188 – 21,088 levels.
