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  4. Stock markets hit new peaks after RBI upgrades growth forecast | Here are DETAILS

Stock markets hit new peaks after RBI upgrades growth forecast | Here are DETAILS

Business news: Among sectoral indices, IT, teck and bankex rose by 1.08 per cent, 0.97 per cent and 0.89 per cent, respectively. On the other hand, utilities lost by 1.72 per cent and power slid 1.58 per cent. Besides, FMCG fell 1.13 per cent, telecommunication declined 0.73 per cent.

Sheenu Sharma Edited By: Sheenu Sharma @20sheenu Mumbai Published on: December 08, 2023 18:26 IST
Stock markets, Stock market hit new peaks, sensex, nifty, RBI upgrades growth forecast, sectoral ind
Image Source : PTI (FILE) Stock markets hit new peaks after RBI upgrades growth forecast

Business news: Benchmark Sensex and Nifty rebounded to close at their new lifetime highs today (December 8) after the Reserve Bank of India (RBI) raised the growth forecast for the current fiscal and kept policy rates unchanged, triggering heavy buying in banking and other rate-sensitive stocks.

The 30-share BSE Sensex rose 303.91 points, or 0.44 per cent, to hit its new peak of 69,825.60. The index touched the highest intra-day level of 69,893.80. The broader index Nifty also climbed 68.25 points or 0.33 per cent to reach a fresh record high of 20,969.40.

Who were the biggest gainers:

Among major Sensex movers, HCL Tech logged the biggest gain of 2.69 per cent, followed by JSW Steel (2.44 per cent) and Infosys (1.67 per cent. Other gainers included HDFC Bank, Titan, Axis Bank and ICICI Bank.

List of losers:

In contrast, ITC fell the most by 1.95 per cent, Mahindra & Mahindra by 1.48 per cent and Bajaj Finance by 1.18 per cent. Meanwhile, the turnover of derivatives in BSE Sensex scaled a new milestone of Rs 200 lakh crore on the weekly expiry of Friday. The total turnover was Rs 213.9 lakh crore as 30.6 crore contracts were traded.

"The RBI took a balanced approach by raising the economic growth forecast and also expressing concern on food inflation, which may have an elevated trajectory in the short term. A drop in rabi sowing and dipping reservoir levels provides a perception that foodgrain prices can rise. The impact was visible on FMCG stocks, which underperformed today," said Vinod Nair, Head of Research at Geojit Financial Services.

Foreign institutional investors sold shares worth Rs 1,564.03 crore on Thursday (December 7), according to exchange data. The six-member Monetary Policy Committee of the RBI on Friday decided to keep the benchmark repurchase (repo) rate at 6.5 per cent.

The central bank raised its forecast for economic growth to 7 per cent from 6.5 per cent, maintaining India's position as the world's fastest-growing major economy, after a stronger-than-expected 7.6 per cent growth in the July-September quarter.

In the broader market, the BSE largecap index moved up marginally by 0.10 per cent, while the midcap gauge slipped by 0.16 per cent and smallcap declined by 0.44 per cent.

Among sectoral indices, IT, teck and bankex rose by 1.08 per cent, 0.97 per cent and 0.89 per cent, respectively. On the other hand, utilities lost by 1.72 per cent and power slid 1.58 per cent. Besides, FMCG fell 1.13 per cent, telecommunication declined 0.73 per cent, auto went down by 0.65 per cent and and energy lowered by 0.64 per cent.

Elsewhere in Asia, Shanghai Composite gained 0.11 per cent, while the Nikkei 225 and Hang Seng fell by 1.68 per cent and 0.15 per cent, respectively. European markets were trading higher with France's CAC 40 gaining by 0.91 per cent and London's FTSE 100 rising by 0.55 per cent. Germany's DAX was trading 0.39 per cent higher.

The US markets ended with significant gains in overnight trade on Thursday, with the Nasdaq rallying more than 1 per cent.

Global oil benchmark Brent crude was trading 1.62 per cent higher to USD 75.25 a barrel. On Thursday, the 30-share index fell 132.04 points, or 0.19 per cent, to close at 69,521.69. Nifty declined 36.55 points, or 0.17 per cent, to settle at 20,901.15.

(With agencies inputs) 

ALSO READ:​ Sensex surges 303 points, hits fresh peak at 69,599; Nifty soars 100.05 points

ALSO READ: Sensex achieves new record high, surges over 200 points; Nifty crosses 20,700-mark

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