Stock markets continue record run: Sensex breaches 71000-mark, Nifty surges to fresh record

Image Source : PTI/REPRESENTATIVE Stock market updates — December 15

Stock markets update: Equity benchmark indices surged more than 1 per cent to hit their new all-time highs on Friday. With the Sensex breaching the 71,000 mark, as domestic macroeconomic data and easing concerns over the US economic growth strengthened market sentiment. According to traders, heavy buying in IT, tech and metal counters amid sustained buying by foreign investors helped the domestic equities. 

Rising for the third day running, the 30-share BSE Sensex jumped 969.55 points or 1.37 per cent to settle at its record closing high of 71,483.75. During the day, it surged 1,091.56 points or 1.54 per cent to 71,605.76, its all-time intra-day high level. As many as 1,969 stocks advanced, while 1,801 declined and 118 remained unchanged.

The Nifty climbed 273.95 points or 1.29 per cent to settle at its new closing high of 21,456.65. During the day, it zoomed 309.6 points or 1.46 per cent to hit its record intra-day peak of 21,492.30. 

On the weekly front, the BSE benchmark jumped 1,658.15 points or 2.37 per cent, while the Nifty climbed 487.25 points or 2.32 per cent. A series of positive news — September quarter GDP growth rate of 7.6 per cent, manufacturing PMI rising to 56, Brent crude declining to USD 76 per barrel and FPIs turning buyers — have helped markets reach record peaks, analysts said.

The US Federal Reserve keeping its key interest rate unchanged and signalling rate cuts next year, along with continuous foreign fund inflows into the equity markets, have also fuelled the rally in stocks.

HCL Technologies was the biggest gainer in the Sensex pack, rising 5.58 per cent, followed by Tata Consultancy Services and Infosys, State Bank of India, Tech Mahindra, Tata Steel, NTPC and Wipro. In contrast, Nestle, Bharti Airtel, Maruti and ITC were among the laggards. In the broader market, the BSE smallcap gauge climbed 0.58 per cent and the midcap index dipped 0.07 per cent.

Rupee gains against US dollar 

Meanwhile, the rupee jumped by 27 paise to close at 83.03 (provisional) against the US dollar on Friday following unabated foreign fund inflows and a record-breaking rally in domestic stocks.

At the interbank foreign exchange market, the rupee opened flat at 83.30 against the dollar. After touching the day’s low of 83.32 in early trade, the rupee reversed the losses and surged to a high of 82.94. The rupee finally closed at 83.03, up by 27 paise over the previous close of 83.30. On a weekly basis, the rupee gained 37 paise. The US dollar index, which measures the greenback’s strength against a basket of six currencies, was almost flat at 101.01.

(With PTI inputs)

ALSO READ: India set to become third-large economy by 2030, says S&P

Latest Business News

Leave a Reply

Your email address will not be published. Required fields are marked *