Stock market opens positively: Nifty, Sensex break all records on Monday opening
Dec 11, 2023
Mumbai (Maharashtra) [India], December 11 : Monday witnessed a buoyant start for the stock market, with the Nifty and Sensex both opening at all-time highs. After a brief two-day consolidation, the Nifty resumed its upward trajectory, advocating for a recommended trading strategy to retain long positions with a trailing stop-loss mechanism.
Opening at 70,024.52, the Sensex surged 201.43 points, setting the tone for a bullish day. Simultaneously, the Nifty saw an increase of 42.15 points, commencing at 21,011.55, all time-high. Among the Nifty companies, 28 advanced while 20 declined.
IndusInd Bank, ONGC, Coal India, HCL Technologies, and UPL emerged as the top gainers, contributing to the positive sentiment. Conversely, Dr Reddy, Asian Paints, CIPLA, Sun Pharma, and Maruti faced losses.
Varun Aggarwal, founder and managing director, Profit Idea, said, "GIFT Nifty exhibits a marginal decline of 0.02 per cent at 21,073, signalling a neutral start for the domestic indices NSE Nifty 50 and BSE Sensex on Monday. In the preceding session, NSE Nifty 50 achieved a gain of 68.25 points (0.33 per cent) to settle at 20,937.10, while BSE Sensex rose by 303.91 points (0.44 per cent) to reach 69,825.60. Notably, the Nifty surpassed the 21,000 mark for the first time, and Sensex established a new record at 69,825.60. Throughout the week, the combined market capitalization of seven among the top ten most valuable companies saw an increase of Rs 3.04 lakh crore".
Internationally, the S&P 500 and Nasdaq achieved their highest closing levels since early 2022, driven by a robust US jobs report that instilled investor confidence in a smooth economic soft landing. The Indian market also reached an all-time high, propelled by strong domestic GDP growth, he said.
Aggarwal said, "The S&P 500 and Nasdaq registered their highest closing levels since early 2022 following a robust US jobs report, instilling investor confidence in a smooth economic soft landing. The market achieved an all-time high, propelled by robust domestic GDP growth".
Despite the RBI maintaining the policy status quo, an upgraded GDP growth forecast for FY24 (6.5 per cent to 7 per cent) elevated investor confidence, he said.
Aggarwal added, "Actions taken to address the liquidity deficit, such as the reversal of SDF & MDF facilities, positively impacted financials, leading to a 5 per cent gain in Nifty Bank for the week. The IT, consumer, auto, and realty sectors performed well due to valuation comfort, festive momentum, and a substantial increase in residential sales," he added.
