Bulls Drive Sensex 929 Pts Higher, Nifty Ends Above 21,150; IT, Realty Stocks Top Leaders

14 Dec 2023 , 03:31 PM

Indian equity markets witnessed a strong rally on Thursday, December 14, 2023, propelled by a dovish stance from the US Federal Reserve and positive global cues. The benchmark indices, BSE Sensex and NSE Nifty, surged to fresh record highs, closing over 1% higher each.

The Sensex closed 929.13 points, or 1.33%, higher at 70,508.13, while the Nifty advanced 243.60 points, or 1.16%, to settle at 21,169.90.

Factors Driving the Rally

The rally in the Indian market was primarily driven by the following factors:

• Dovish US Fed: The Federal Reserve’s decision to keep interest rates unchanged and hint towards potential rate cuts in 2024 boosted investor sentiment globally and led to risk-on buying in equities.
• Positive Global Cues: Gains in other Asian and European markets further fueled the positive momentum in the Indian market.
• Strong Performance by Key Sectors: IT and realty stocks were the top gainers, with the Nifty IT index surging 3.5% and the Nifty Realty index jumping 3.8%. Banking and financial stocks also contributed significantly to the gains.

Sectoral Performance

All sectoral indices on the NSE ended in the green. The top five gainers were:

• Nifty IT: Up 3.50%
• Nifty Realty: Up 3.80%
• Nifty Consumer Durables: Up 2.95%
• Nifty Metal: Up 2.80%
• Nifty Pharma: Up 2.70%