Sensex Achieves Historic Milestone, Surpasses 72,000 Mark; Nifty Sets New Record, Settles at 21,654 All-Time High
The Sensex concluded above the 72,000 mark for the first time
Marking a significant milestone for the Bombay Stock Exchange‘s 30-share index. Closing at 72,038, this historic achievement occurred 12 days after the Sensex had initially reached the 71,000 mark.
Simultaneously, the National Stock Exchange (NSE)’s Nifty index exhibited remarkable performance, surging 213.40 points to settle at an all-time high of 21,654.75. Earlier in the day, the Nifty had reached an unprecedented peak of 21,600 points.
Tata Motors played a pivotal role in propelling the Nifty index to its lifetime high of 21,600 points on December 27. The surge continued, with the Nifty settling at 21,603 points within the first three hours of market opening.
On Wednesday, Nifty gained over 134 points, surpassing the 21,600 mark and approaching a new high of 22,000 points. Noteworthy contributors to this surge included top gainers such as Tata Motors, Bajaj Auto, and UltraTech.
Both Nifty and Sensex experienced an upward trajectory amid multiple initial public offerings (IPO) listings, with Happy Forgings standing out as its share price exceeded ₹1,000 on BSE and NSE during its listing day.
Notable gainers on the Nifty index included Hindalco, recording a nearly 4 percent hike with a share price of ₹603, followed by UltraTech and Tata Motors with spikes of 3.09 and 2.35 percent, respectively.
Additional gainers on the Nifty index, such as Bharti Airtel, Bajaj Auto, JSW Steel, and IndusInd Bank, exhibited early morning gains of over 1.5 percent. Market analysts anticipate further increases before the day’s close.
Forecasts suggest that the Nifty index and benchmark Sensex could rise by approximately 8 to 10 percent in the early months of 2024, potentially reaching new lifetime highs. Market analysts highlight the ongoing volatility in the markets and the potential impact of the 2024 Lok Sabha elections and highly anticipated IPOs like FirstCry, Ola Electric, and Swiggy.
These predictions come on the heels of the Nifty and Sensex achieving lifetime highs after crossing the 21,000 and 71,000 marks, respectively, earlier this month following the declaration of assembly election results in five states.
Amid the current surge in the Indian stock market, the Nifty index and benchmark Sensex are positioned for continued growth, with analysts projecting an expected rise of 8 to 10 percent in the early months of 2024. This optimistic outlook follows the recent milestones where both indices breached the 21,000 and 71,000 marks, respectively, shortly after the results of the assembly elections in five states were announced.
While market conditions remain somewhat volatile, analysts are closely monitoring several factors that could influence the trajectory of the stock market. Notably, the 2024 Lok Sabha elections and the eagerly awaited initial public offerings (IPOs) of companies like FirstCry, Ola Electric, and Swiggy are anticipated to play significant roles in shaping market dynamics.
The current market scenario reflects a heightened level of enthusiasm, with multiple IPO listings contributing to the positive sentiment. Notably, Happy Forgings made a remarkable debut, surpassing the ₹1,000 mark on both BSE and NSE during its listing day. This enthusiasm has translated into notable gains for high-beta stocks, particularly in the Nifty Bank, which recorded an upswing of nearly 370 points.
The top gainers on the Nifty index, including Hindalco, UltraTech, and Tata Motors, have experienced substantial spikes, contributing to the overall bullish sentiment. Hindalco, with its share price reaching ₹603, leads the gainers, followed closely by UltraTech and Tata Motors with increases of 3.09 and 2.35 percent, respectively.
Early market movers, such as Bharti Airtel, Bajaj Auto, JSW Steel, and IndusInd Bank, have exhibited promising gains of over 1.5 percent in the initial hours of market opening. Market analysts anticipate further positive movements as the trading day progresses.
As investors navigate through the current market dynamics, it is evident that the Indian stock market is poised for continued growth. The collective impact of global economic factors, geopolitical developments, and domestic events will continue to shape investor sentiment. The coming months will likely see the realization of these optimistic projections, provided that the market remains resilient and adaptive to the dynamic forces influencing its trajectory.
For the latest updates-click here.
