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Indian stock indices reach record highs, Sensex surpasses 74,000 mark

Indian stock indices surged to record highs on Wednesday, with the Sensex crossing the 74,000 mark for the first time and settling at 74,085.99 points, while the Nifty closed at 22,474.05 points.

Edited By: Nitin Kumar @Niitz1 New Delhi Published on: March 06, 2024 17:27 IST
BSE
Image Source : FILE Business stock exchange building.

Indian stock indices soared to new heights on Wednesday, propelled by strong performances from banking stocks and stable macro-economic indicators. The Sensex achieved a historic milestone by crossing the 74,000 mark for the first time, settling at 74,085.99 points, marking a gain of 408.86 points, or 0.55 percent. Meanwhile, the Nifty closed at 22,474.05 points, rising by 117.75 points, or 0.53 percent. Notably, Nifty Bank and Nifty Private Bank emerged as the top gainers, witnessing increases ranging from 0.8 to 0.9 percent at the close.

Expert insights and market outlook

Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd., highlighted the dominance of large-cap stocks in driving the market's performance in the near term. He also underscored the significance of US Fed Chair Powell's upcoming speech in shaping market sentiment.

Ajit Mishra, Senior Vice President of Technical Research at Religare Broking Ltd., noted the day's volatile trading pattern, initially influenced by weak global cues but later buoyed by resilience in the banking sector and a robust recovery in IT and FMCG stocks.

Foreign investors' influence

Foreign portfolio investors (FPIs), who had turned net sellers in the Indian equity market in January 2024, resumed their buying spree in February and March. Data from the National Securities Depository Limited (NSDL) revealed FPIs' net purchases of Indian stocks worth Rs 6,139 crore in March alone, contributing to the bullish sentiment.

Market movements and regulatory actions

The banking sector witnessed mixed fortunes, with JM Financial Products and IIFL Finance experiencing notable declines. The Reserve Bank of India's (RBI) directives to JM Financial Products and IIFL Finance to halt certain financial activities led to significant drops in their stock prices. JM Financial Products' shares plummeted by over 10 per cent after the RBI directed the company to cease financing against shares and debentures. Similarly, IIFL Finance's shares hit the lower circuit for the second consecutive day following the RBI's directive to halt gold loan-related activities.

Also read | RBI issues new guidelines for issuance of credit cards, allow customers to choose from multiple card networks

 

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