Sensex soars 1,418 points, Nifty hits 23,215; market cap surges by Rs 5.8 lakh crore
In today's trading session, domestic stocks continued their upward momentum for the third consecutive day, with significant gains seen across all sectors.
The 30-share BSE Sensex surged by 1,418 points or 1.89 per cent, reaching 76,493, while the broader NSE Nifty index climbed by 393 points or 1.72 per cent to 23,215. This substantial increase in the domestic markets led to the creation of approximately Rs 5.8 lakh crore in BSE market capitalization.
The rise was fueled by buying interest in select heavyweights such as Infosys Ltd, Reliance Industries Ltd, HDFC Bank, ICICI Bank, Bajaj Finance, Airtel, TCS, and Axis Bank.
Investor sentiment received a boost from the Reserve Bank of India (RBI) raising its growth forecast to 7.2 per cent for the current fiscal year in its bi-monthly policy. However, the RBI maintained key interest rates unchanged at 6.5 per cent. Moreover, market participants moved past the general election results, anticipating the formation of a coalition government.
Here's a breakdown of today's market performance:
- Investor wealth surged by Rs 5.8 lakh crore, with the BSE market capitalization reaching Rs 421.70 lakh crore.
- 159 stocks hit their 52-week high levels, including Aditya Birla Fashion and Retail Ltd, Aegis Logistics, ARE&M, Avanti Feeds, Balkrishna Industries, Bikaji Foods, and Biocon. Meanwhile, 29 stocks touched their one-year lows.
- Market breadth remained strong, with 2,762 stocks advancing and 940 stocks declining on BSE, while 136 stocks remained unchanged.
- Stocks such as Avanti Feeds, IIFL Finance, ARE&M, GAEL, Paytm, Mastek, Praj Industries, Tejas Networks, Garware Technical Fibres, and Sunteck Realty surged by up to 12.21 per cent.
- The top gainers included the IT and consumer durables sectors. Notable constituents that contributed to the Sensex's climb were Infosys, Reliance, HDFC Bank, M&M, ICICI Bank, Bajaj Finance, TCS, Airtel, and Tata Steel. On the NSE, all 16 sub-indices were trading in the green, with Nifty Consumer Durables and Nifty IT outperforming the index.
- Foreign institutional investors (FIIs) sold shares worth Rs 6,867.72 crore on a net basis, while domestic institutional investors (DIIs) bought stocks worth Rs 3,718.38 crore, as per exchange data.
