During the day on December 15, 2023, the 30-share BSE Sensex surged 1.54% to 71,605.76, its all-time intra-day high degree. File
| Photo Credit: Reuters
Indian benchmark inventory indices on December 15 soared to contemporary record highs driving on a continued globally rally submit the U.S. Fed’s dovish stance and shopping for momentum.
Led by expertise shares the S&P BSE Sensex surged 2.37% or 969.55 points to 71,438.95, a record high.
The prime Sensex gainers included HCL Tech up 5.58%, TCS (5.28%), Infosys (5.20%), SBI (3.99%) and Tata Steel (3.33%).
The NSE Nifty-50 index too gained 1.29% or 273.95 points to 21,456.65, additionally a record high.
Avdhut Bagkar Technical and Derivatives Analyst, StoxBox mentioned, “Indian market ended higher on Friday, tracking firm cues from global markets on expectations of a lenient monetary policy from the US Federal Reserve.
“Metal stocks traded higher after China reported mixed economic data, and the country’s central bank pumped cash into the money market through reverse repos and the medium-term lending facility. Tata Steel, JSW Steel and Hindalco surged 2-4%,” he mentioned.
The pattern stays extremely optimistic, and the market ought to proceed to rally additional till a dramatic sell-off seems. While the index had moderated promoting strain on the opening bell, and traded sideways throughout the mid-session, the final hour witnessed in depth momentum, permitting to shut stalwartly within the uncharted territory,” he additional mentioned.
Osho Krishan, Senior Analyst – Technical & Derivative Research, AngelOne mentioned, “It had been a tremendous week for the bulls, wherein all major sectoral indices kept the momentum going with their significant participation. Going forward, it is advisable to have a selective approach and look out for thematic movers amidst the ongoing sectoral rotation.”
“Meanwhile, the stance remains bullish, but one needs to stay light on positions on either of the sides for key indices. Also, as the rally has been backed by robust global developments, a thorough check on a regular basis is required to project immediate trends,” he added.
