Record-breaking stock market: Sensex, Nifty surges all-time high after BJP massive win; gold surpasses USD 2,100
Record-breaking stock market: India's benchmark indices, Sensex and Nifty surged to all-time high after BJP massive win in Hindi heartland in the crucial state elections apart from robust domestic macroeconomic data and increased expections of a US rate cut in March.
The Sensex surged by an all-time high of 950.15 points to open at 68,435.34. Simultaneously, the Nifty also marked an all-time high gain of 334.6 points, opening at 20,601.95. Notably, 49 Nifty companies witnessed advances while only one experienced a decline.
Top gainers in the Nifty firms included Adani Enterprises, Adani Ports, LT, SBI, and Bharti Airtel, contributing to the market's remarkable ascent. However, Britannia stood as the lone loser during the market opening.
As the opening session progressed, the Sensex continued its upward trajectory, surging by 950.15 points to open at 68,435.34, while the Nifty rose by 334.6 points, reaching the level of 20,601.95.
Parallelly, gold prices achieved a historic milestone by surpassing USD 2,100 on Monday, propelled by heightened trader confidence amid expectations of a Federal Reserve interest rate cut in the upcoming year.
Key indices, including the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average, surged, fuelled by the belief that the Federal Reserve may halt interest rate hikes and potentially implement cuts in the face of a cooling inflationary environment.
Moreover, India's electronics exports witnessed a substantial 28 per cent increase, reaching USD 15.48 billion during April-Oct 2023. Noteworthy contributors include Tamil Nadu, Uttar Pradesh, Karnataka, Maharashtra, and Gujarat.
Closing the report on a bullish note, the Nifty upper band target of 20,466 was achieved, reinforcing confidence in the market's trajectory.
Analysts predict higher targets of 21,234-21,410 in the medium term, advising investors to capitalize on market dips and accumulate shares in fundamentally sound companies. The overall sentiment remains bullish on the Indian market.
- ANI
