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
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