Indian Markets Scale New Peaks as Sensex Crosses 71,000 and Nifty Tops 21,300 Points

15 Dec 2023 , 04:02 PM

The Indian market continued its record run on December 15, with Sensex crossing 71,000 and Nifty 50 surpassing 21,300 points.

Sensex closed at Rs 71,483, marking a 1.29% increase, while Nifty closed at Rs 21,456, reflecting a similar 1.29% gain.

Foreign institutional investors (FIIs) poured over Rs 9,600 crore into Indian equities this week, while domestic institutional investors (DIIs) bought stocks worth Rs 485.1 crore. The optimism stems from the US Federal Reserve’s dovish 2024 outlook and resilience to hawkish comments from the Bank of England and the European Central Bank.

India’s strong fundamentals attract foreign investors, supported by a weaker dollar and easing bond yields.

Sectors like banking and IT surged on expectations of an accommodating monetary policy and demand recovery.

BSE financial services index hit an all-time high of 10,498, and BSE IT reached a 52-week high of 35,398. Other sectors, including auto, capital goods, PSU, and metals, also achieved record highs.

BSE smallcap index reached a lifetime high of 42,147, and BSE midcap index extended its bull run, hitting a fresh lifetime high of 36,421.

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