Indian Stock Market Soars to New Heights
Domestic stock markets surged to record highs on Thursday, driven by favorable inflation data. The BSE Sensex and NSE Nifty soared to new peaks, reaching 77,145 and 23,481, respectively.
Stock MarketNiftySensexReal EstateAuto StocksReal Estate NewsJun 14, 2024
The top performers of the day in the Nifty 50 included Shriram Finance, HDFC Life Insurance, Divi’s Lab, M&M, and Titan, while Hindustan Unilever, ICICI Bank, Axis Bank, Eicher Motors, and Britannia faced losses.
“Among sectors, the Realty Index was the top gainer, rallying over 2 percent, whereas the Media Index corrected by 1 percent. Technically, after a gap-up opening one more time, the market witnessed selling pressure at higher levels. However, the short-term texture of the market is still positive,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
In the sectoral indices, with the exception of the banking, FMCG, and media sectors, all other indices showed positive movement. The realty, consumer durables, and IT sectors experienced significant gains, followed by the auto, healthcare, and oil and gas sectors. In the broader market, the BSE SmallCap surged by 0.93 percent, and the BSE MidCap climbed 0.78 percent.
In the global market, the Fed’s decision to maintain interest rates and revise its rate cut expectations to possibly one by December impacted bond yields across the eurozone, with the German 10-year bund yield reaching 2.55 percent.
In contrast, European equities faced downward pressure due to elevated government bond yields following the U.S. Federal Reserve’s revised interest rate projections. The STOXX 600 dipped by 0.5 percent, retreating from the previous session’s 1 percent gain.
“MSCI’s decision to exclude the European Union’s debt from its government bond indexes further influenced market sentiment. Most sectors in Europe traded lower, with real estate and auto stocks experiencing notable declines,” said Varun Aggarwal, MD of Profit Idea.
Kotak Securities is a leading financial services company providing investment and broking services to retail and institutional investors. Profit Idea is a financial services firm offering investment advisory and research services.
Kotak Securities is a subsidiary of Kotak Mahindra Bank, one of India's leading private sector banks. Profit Idea is a renowned name in the financial services industry, known for its expertise in equity research and investment advisory services.
Frequently Asked Questions
What was the closing level of Nifty 50 on Thursday?
23,398.95
Which sector was the top gainer in the Indian market?
Realty Index
What was the impact of Fed's decision on bond yields in the eurozone?
German 10-year bund yield reached 2.55 percent
Which company's MD commented on the impact of MSCI's decision on market sentiment?
Varun Aggarwal, MD of Profit Idea
What was the percentage gain in BSE SmallCap on Thursday?
0.93 percent
Related News Articles
Surge in Housing Prices: NCR and MMR Witness 49% Growth in Five Years
The average residential prices in National Capital Region (NCR) and Mumbai Metropolitan Region (MMR) have surged by 49% in the last five years, according to data shared by Anarock.
How Gen Z and Millennials are Redefining the Real Estate Market
The real estate market is undergoing a significant transformation as Gen Z and Millennials take centre stage, driven by their unique preferences and approaches to homeownership.
Revolutionizing Dubai's Real Estate Market: Elite Merit's Cutting-Edge Approach
Elite Merit Real Estate sets a new standard in Dubai's property market with its innovative and client-centric approach, founded by Shadi Rimeh and Elkhan Salikhov.
Hyderabad Real Estate Market Sees Unprecedented Growth in H1 2024
Hyderabad's real estate market witnessed a significant surge in sales value, with total home sales worth ₹58,841 crore in H1 2024.
Ultra-Luxury Homes Market Sees Unprecedented Growth in India
The sale of ultra-luxury homes in India has remained unabated in 2024, with 25 units sold across top cities for a collective sales value of approx. INR 2,443 Cr.
Mumbai Property Market Thrives with Over 5,000 Registrations During Navratri 2024
September 2024 saw a decline in property registrations due to Pitrupaksh, but Navratri 2024 brought a surge with 5,199 transactions, marking a 13.2% YoY growth.