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Sensex surges over 1 per cent; Nifty tops 20,000 propelled by Banking, IT Stocks

On the broader market front, the Nifty Midcap 100 and Nifty SmallCap 100 also demonstrated positive momentum, closing 0.81% and 1.06% higher, respectively.

Nitin Kumar Edited By: Nitin Kumar @Niitz1 New Delhi Published on: November 29, 2023 16:45 IST
Image Source : FILE Business stock exchange building

The domestic stock market witnessed a bullish trend on Wednesday's session, with both the Sensex and Nifty 50 closing higher, buoyed by gains in bank, information technology (IT), and auto stocks, fueled by positive global cues. The 30-share BSE Sensex displayed remarkable strength, concluding the session at 66,901.91, marking a substantial gain of 727.71 points, or 1.10%. Simultaneously, the Nifty 50 surged to a level of 20,096.60, closing up by 206.90 points, or 1.04%.

In a noteworthy development, the Nifty 50 index experienced an impressive rise of 0.60% during morning trading, reaching 20,008.45 points for the first time since September 20, 2023. The index maintained its momentum, trading above 20,100 intraday, achieving a feat last observed on September 18. On the same day, the BSE Sensex scaled its all-time peak, touching 67,927.23.

Market analysts foresee a continuation of bullish sentiments, anticipating fresh all-time highs in the coming month. Arvinder Singh Nanda, Senior Vice President at Master Capital Services Ltd., attributed this optimism to robust buying activities in the information technology and banking sectors, which collectively command a substantial weightage of 51.50% in the Nifty 50 index.

Simultaneously, the combined market valuation of all BSE-listed companies hit a historic milestone, crossing $4 trillion. The market capitalisation of these companies reached ₹333 lakh crore, equivalent to $4 trillion at an exchange rate of 83.31. This achievement signifies a remarkable growth of over $600 billion since the beginning of the year.

Technical analysts noted that the Nifty 50 initiated the session with a significant gap-up and sustained its upward trajectory throughout. The broad-based buying activity uplifted overall market sentiments, culminating in the Nifty index concluding the day around the 20,100 level, securing over a per cent of gain for the second consecutive day in the expiry week. The prevailing optimism suggests a positive outlook for the Indian stock market in the near term.

Also read | Stock markets jump in early trade; Sensex gains 305 points, Nifty above 19,990 amid positive global cues


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