Indian Benchmark Indices Hit Record Highs on Global Optimism and F&O Expiry

28 Dec 2023 , 03:38 PM

Indian benchmark indices soared to fresh all-time highs on Thursday, fueled by positive global cues and impending monthly F&O expiry. The Nifty50 breached the 21,700 mark for the first time, while the Sensex hovered around 72,300. Except for media and realty, broad-based buying gripped most sectoral indices.

Rally poised to continue, backed by key factors:

• Institutional buying in leading banks: Analysts anticipate the rally to extend, supported by strong institutional interest in prominent banking stocks.
• Favorable global environment: Strong signals from the US markets, a steady decline in US bond yields, and a softer dollar index below 101 further bolster the bull run’s momentum.

Thursday’s highlights:

• Indices extended their winning streak for the fifth consecutive session, with Nifty closing at 21,800 and Sensex at 72,410.38.
• Nifty rose 123.90 points (0.57%), while Sensex gained 371.95 points (0.52%).
• Advance-decline ratio remained positive, with 1578 stocks advancing against 1728 decliners.
• Coal India, NTPC, M&M, Dr. Reddy’s Labs, and Hero MotoCorp emerged as top Nifty gainers, while Adani Enterprises, Eicher Motors, LTIMindtree, L&T, and Adani Ports led the losers.
• All sectoral indices, except information technology, ended in the green. FMCG, realty, oil & gas, power, and metal sectors witnessed gains of 1-2%.
• Broader markets also participated in the rally, with the BSE Midcap index rising 0.66% and the Smallcap index climbing 0.2%.