The Sensex and Nifty, two main equity indexes, spiked higher on Thursday, setting new records. This was supported by purchasing in consumer durables, IT, and financial companies, which came on expectations of strong corporate performance.
The sensex reached an all-time high of 74,228 after rising 351 points, or 0.5%. The index fluctuated throughout the day, peaking at 74,502 and falling to 73,485. Additionally, the Nifty as a whole gained 80 points, or 0.4%, to reach a new high of 22,515. Thirty-one of the fifty-share benchmark's constituents finished higher. In the previous two sessions, both indexes had finished lower. On March 7, the Sensex reached its prior top of 74,119. The Nifty reached its prior peak of 22,494.
Analysts stated that investors swooped up a few banks' equities in anticipation of a status quo in the RBI's monetary policy committee's interest rate decision. The decision will be made public on Friday by the six-member rate-setting panel, which started deliberations on Wednesday.
Market breadth showed a positive trend within a constrained trading range, as traders anticipated the Reserve Bank of India's impending pronouncement of monetary policy tomorrow.
Due to widespread concerns about inflation, expectations tend towards the expected status quo in the repo rate, according to Vinod Nair, head of research at Geojit Financial Services. According to him, the market as a whole has demonstrated resilience in certain industries, such as banking, in advance of respectable Q4 earnings and exports, which are supported by composite PMI data that indicates robust business conditions.
Twenty of the sensex components had gains at the close of the day; the top gainers were Asian Paints, Titan, Tech Mahindra, and HDFC Bank. The other winners were TCS, Maruti, Bajaj Finserv, and Kotak Mahindra Bank. SBI, Bharti Airtel, JSW Steel, PowerGrid, ITC, and Reliance, on the other hand, ended the day down.
IT increased by 0.9% among sectors indexes, with consumer durables rising by almost the same percentage. Financial services increased by 0.7%, while utilities had a 0.8% growth. Tech, auto, and bankex all improved by 0.3%, 0.5%, and 0.6%, respectively. However, the loss on oil and gas was 1.6%, the loss on energy was 1%, and the loss on services was 0.6%. Organizations
Today's stock market: Nifty is trading at 22,500, while the Sensex jumps 350 points to close at an all-time high.Ahead of the RBI's announcement of the repo rate, financial and technology stocks propelled the Sensex and Nifty to all-time highs in New Delhi. Titan, Tech Mahindra, and HDFC Bank were among the top gainers, while SBI, Bharti Airtel, and Power Grid Corp suffered losses.
Today's stock market boom saw the BSE Sensex closing 363 points higher and the Nifty50 close to 21,500. On the opening day of the new fiscal year, the benchmarks for Indian equity, the BSE Sensex and the Nifty50, reached all-time highs. The Nifty50 finished at 22,462 and the Sensex hit 74,254.62, indicating gains from a variety of firms and a healthy outlook for the market.
Stock market rally today: Nifty50 crosses 22,600 for the first time, and BSE Sensex soars 500 points. The market is cautious ahead of the RBI meeting, and Powell's speech is being watched for its potential to cause market consolidation in the face of global uncertainties.
