Sensex drops 585 points, Nifty declines 173 points
Business | December 21, 2023 10:19 ISTThe subsequent market movements will be closely watched for insights into investor sentiment and potential shifts in the financial landscape.
The subsequent market movements will be closely watched for insights into investor sentiment and potential shifts in the financial landscape.
In Asian markets, Seoul, Tokyo, and Hong Kong experienced positive trends, while Shanghai traded lower. Meanwhile, the US markets closed in the green on Tuesday.
In the morning session on Tuesday, benchmark stock market indices in India opened marginally higher as the global rally showed signs of cooling down following a period of robust gains.
The early trading session showcased remarkable momentum in banking stocks, with notable gains in stocks like Tech Mahindra, Axis Bank, HDFC Bank, SBI, and others contributing to the impressive surge.
As the trading day commences, the Sensex has a bearish start, opening at 69,518 points, while the Nifty records a slump, touching 20,906 points.
These positive movements were attributed to gains observed in banking, IT, and metal shares, contributing to the overall buoyancy in the stock market.
The surge was primarily fueled by the Reserve Bank's announcement, triggering substantial buying activities, especially in banking and other rate-sensitive stocks.
This shift reflects the dynamic nature of the financial markets, responding to various factors influencing investor sentiment.
The Sensex, representing the Bombay Stock Exchange, demonstrated its bullish momentum by achieving an impressive rise of 303.25 points. This surge propelled the Sensex to attain a fresh peak, reaching an impressive level of 69,599.39.
As the markets continue to respond to the post-election landscape, the record-breaking performance of Sensex and Nifty underscores the optimistic outlook prevailing in the financial landscape, fueled by both domestic economic factors and the recent political developments.
The MoU involves fresh investments to establish various value chains and projects related to end-to-end agri-business operations, farming, and rural ecosystem development.
The textile industry, a significant employment generator in India, is receiving government support through measures like the production-linked incentive (PLI) scheme.
The IPO, which witnessed a remarkable subscription rate of nearly 70 times, awaits finalisation of the basis of allotment by November 28. While raising over Rs. 3045 crore, it's crucial to note that this was through an offer-for-sale, with no capital infusion for the company.
Foreign Institutional Investors (FIIs) were noted to offload equities worth Rs 306.56 crore on Wednesday, according to exchange data.
According to a filing on BSE, the latest consignment involves the supply of high-quality yarn to various fast fashion brands.
In Asian markets, Seoul and Hong Kong settled lower, while Tokyo and Shanghai ended in the green. European markets were trading with gains. The US markets ended on a mixed note on Thursday.
The broader market indices also exhibited positive trends, with the BSE Midcap index advancing by 0.90 per cent and the BSE Smallcap index registering a rise of 1.13 per cent.
In the broader markets, the BSE Midcap index saw a modest rise of 0.10%, while the BSE Smallcap index experienced a slight decline of 0.01%.
Broader markets also advanced with the BSE MidCap gaining 227.43 points or 0.70 percent and BSE SmallCap by 452.11 points or 1.18 percent.
The bourse's revenue rose 53 per cent to a record Rs 367 crore in the July-September quarter of the current financial year (FY24), from Rs 240 crore in the year-ago period.
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