Sensex drops 585 points, Nifty declines 173 points
Business | December 21, 2023 10:19 ISTThe subsequent market movements will be closely watched for insights into investor sentiment and potential shifts in the financial landscape.
The subsequent market movements will be closely watched for insights into investor sentiment and potential shifts in the financial landscape.
The 30-share BSE Sensex crashed 930.88 points to settle at 70,506.31. The index opened higher and later gained 475.88 points or 0.66 per cent to hit its all-time high of 71,913.07.
In Asian markets, Seoul, Tokyo, and Hong Kong experienced positive trends, while Shanghai traded lower. Meanwhile, the US markets closed in the green on Tuesday.
The 30-share BSE Sensex climbed 122.10 points to settle at 71,437.19. During the day, it jumped 308.62 points to reach its all-time intra-day high of 71,623.71. The Nifty climbed 86.4 points to hit its record peak of 21,505.05. It finally closed higher by 34.45 points at 21,453.10.
In the morning session on Tuesday, benchmark stock market indices in India opened marginally higher as the global rally showed signs of cooling down following a period of robust gains.
In the broader market scenario, the BSE Midcap index remained relatively stable, while the SmallCap index showed a modest gain of 0.3 percent.
The 30-share BSE Sensex jumped 969.55 points to settle at its record closing high of 71,483.75. Meanwhile, the Nifty climbed 273.95 points to settle at its new closing high of 21,456.65.
At the interbank foreign exchange market, the rupee opened flat at 83.30 against the dollar. It moved in a tight range of 83.32 and 83.29 in morning deals.
The 30-share BSE Sensex ended higher by 929.60 points, while the Nifty gained 256.35 points.
The early trading session showcased remarkable momentum in banking stocks, with notable gains in stocks like Tech Mahindra, Axis Bank, HDFC Bank, SBI, and others contributing to the impressive surge.
With expectations of strong performance in H2FY24, driven by robust demand prospects amid industrial growth and increased power consumption, the brokerage sets a target of Rs 87 for the stock, which is currently trading around Rs 64.
As the trading day commences, the Sensex has a bearish start, opening at 69,518 points, while the Nifty records a slump, touching 20,906 points.
These positive movements were attributed to gains observed in banking, IT, and metal shares, contributing to the overall buoyancy in the stock market.
The surge was primarily fueled by the Reserve Bank's announcement, triggering substantial buying activities, especially in banking and other rate-sensitive stocks.
Business news: Among sectoral indices, IT, teck and bankex rose by 1.08 per cent, 0.97 per cent and 0.89 per cent, respectively. On the other hand, utilities lost by 1.72 per cent and power slid 1.58 per cent. Besides, FMCG fell 1.13 per cent, telecommunication declined 0.73 per cent.
The Reserve Bank of India (RBI) on Friday kept the repo rate unchanged for the fifth time in a row as the monetary policy committee maintained a status quo.
This shift reflects the dynamic nature of the financial markets, responding to various factors influencing investor sentiment.
The Sensex, representing the Bombay Stock Exchange, demonstrated its bullish momentum by achieving an impressive rise of 303.25 points. This surge propelled the Sensex to attain a fresh peak, reaching an impressive level of 69,599.39.
Analysts observe a surge in momentum, attributed partly to the recent victory of the ruling Bharatiya Janata Party (BJP) in key state elections.
As the markets continue to respond to the post-election landscape, the record-breaking performance of Sensex and Nifty underscores the optimistic outlook prevailing in the financial landscape, fueled by both domestic economic factors and the recent political developments.
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