Last Updated: December 05, 2023, 15:56 IST
Sensex Today: Domestic markets hit document highs for a second straight day as positive factors from hopes of political stability continued on the bourses.
The S&P BSE Sensex crossed the 69,000-mark decisively and hit a document excessive of 69,381 through the day. The index witnessed delicate revenue reserving earlier than closing at 69,296, up 431 factors or 0.63 per cent.
The Nifty50, alternatively, made a brand new excessive of 20,864 earlier than settling 168 factors, or 0.8 per cent, increased at 20,855. The rally was once more led by financials, and Adani group shares.
Meanwhile, within the broader markets, the BSE MidCap hit a brand new excessive of 35,216, whereas the BSE SmallCap registered 41,317.6 because it new all-time excessive. Both the indices, nonetheless, ended 0.1 per cent increased.
V Ok Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated: “The super Monday which delivered a 418 point rally in the Nifty is unlikely to be repeated with the same ferocity in the coming days. But the market construct stays bullish. The massive institutional buying of above Rs 7000 crores yesterday is a reflection of institutional confidence in the Indian market. It is important to understand that FPIs have reversed their selling strategy and have been consistent buyers during the last 7 days. There is accumulation happening in the frontline banking stocks. This, along with short covering and reasonable valuations, will keep this segment strong.The market has the potential to go up by another 5% in the next many weeks. Beyond that valuations will get stretched inviting correction in the market.”
Global Cues
Asian shares slipped to a few-week lows on Tuesday whereas bonds and the greenback steadied as buyers tempered expectations for cuts to US rates of interest and waited on U.S. jobs information.
Tokyo shares opened decrease on Tuesday after falls on Wall Street forward of key US jobs information due later within the week.The benchmark Nikkei 225 index was down 0.45 %, or 150.51 factors, at 33,080.76 in early commerce, whereas the broader Topix index slipped 0.09 %, or 2.09 factors, to 2,360.56.
US shares ended decrease on Monday, interrupting final week’s rally, as buyers turned cautious forward of employment information due this week that might alter expectations that the Federal Reserve will lower rates of interest early subsequent yr.
