Sensex and Nifty Surge on Global Optimism; Gold Holds Steady on Year-End Trading

27 Dec 2023 , 01:38 PM

Domestic benchmark indices, Sensex and Nifty, traded higher on Wednesday, driven by positive global market sentiment and expectations of early Fed rate hikes.

All sectoral indices showed gains, contributing to a broad-based buying trend in the market.

The Sensex recorded a 0.58% increase, rising by 415.61 points to reach 71,752.41, while the Nifty saw a 0.57% gain, adding 122.20 points to reach 21,563.50.

Market breadth reflected positive momentum with 1706 shares advancing, 1546 shares declining, and 84 shares remaining unchanged.

Top gainers included Dalmia Bharat (3.75%), UltraTech Cement (3.52%), Hindalco (3.48%), and Ramco Cements (3.25%).

On the flip side, top losers comprised Vedanta (-4.07%), REC (-2.35%), Coromandel Int (-2.47%), and GNFC (-2.20%).

Gold prices stabilized on Wednesday amid subdued trading in the final week of the year, with expectations of a rate cut by the Federal Reserve in Q1 2024 driving bullion towards its best yearly gain since 2020.

Spot gold slightly dipped by 0.1% to $2,064.55 per ounce, maintaining proximity to the over two-week high of $2070.39 reached on Friday. U.S. gold futures observed a 0.3% increase, reaching $2,075.80 per ounce.

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