Stock Market Rises Nearly 500 Points Driven by Robust Global Signals
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Mumbai, Dec 23 (NationPress) After experiencing a decline of around 5 percent over the past five trading days, the domestic benchmark indices closed higher on Monday, buoyed by strong global signals.
Significant buying was observed in the realty and PSU bank sectors of Nifty.
By the end of trading, Sensex stood at 78,540.17, up by 498.58 points or 0.64 percent, while Nifty closed at 23,753.45, rising by 165.95 points or 0.70 percent.
Nifty Bank finished at 51,317.60, gaining 558.40 points or 1.10 percent. The Nifty Midcap 100 index concluded at 57,092.9, after increasing 186.15 points or 0.33 percent. In contrast, the Nifty Smallcap 100 index closed at 18,687.80, down by 26.50 points or 0.14 percent.
The Indian market showed optimism following a recent sell-off.
Experts noted that the lower-than-expected US personal consumption expenditure (PCE) data enhanced investor sentiment in interest rate-sensitive sectors. Broad-based buying was evident, particularly benefiting the metals sector from the expected rise in steel import taxes.
"Despite the positive market sentiment, the short-term outlook is anticipated to remain sideways due to the absence of new catalysts and the influence of the festive season and holiday breaks," they remarked.
On the Bombay Stock Exchange (BSE), 1,640 shares finished in the green, while 2,445 shares declined, and 133 shares remained unchanged.
Sector-wise, all areas posted gains except for Auto, Media, and Healthcare.
Within the Sensex pack, top performers included ITC, Tech Mahindra, HDFC Bank, IndusInd Bank, Titan, SBI, ICICI Bank, Adani Ports, Tata Steel, and Bharti Airtel. Conversely, Zomato, Maruti, Nestle India, HCL Tech, and Bajaj Finserv were the biggest losers.
On December 20, foreign institutional investors (FIIs) sold equities worth Rs 3,597.82 crore, while domestic institutional investors purchased equities valued at Rs 1,374.37 crore.
In early trading, the Indian stock market surged over 600 points amid positive mixed global cues.
