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BusinessBulls on rampage in D-Street; Sensex breaches 71K

Bulls on rampage in D-Street; Sensex breaches 71K

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Benchmark equity indices surged more than 1 per cent to hit their new all-time highs on Friday, with the Sensex breaching the 71,000 mark, as domestic macroeconomic data and easing concerns over the US economic growth bolstered market sentiment.

Besides, heavy buying in IT, tech and metal counters amid sustained buying by foreign investors helped the domestic equities, traders said.

Rising for the third day running, the 30-share BSE Sensex jumped 969.55 points or 1.37 per cent to settle at its record closing high of 71,483.75.

During the day, it surged 1,091.56 points or 1.54 per cent to 71,605.76, its all-time intra-day high level.

The Nifty climbed 273.95 points or 1.29 per cent to settle at its new closing high of 21,456.65. During the day, it zoomed 309.6 points or 1.46 per cent to hit its record intra-day peak of 21,492.30.

“The buoyancy continued in the market as investors were expecting the clouds over US economic growth to recede by H2 CY24 and that the would achieve a soft landing aided by normalization in monetary policy.

“The IT index outperformed on expectations of a rise in demand in the US economy,” said Vinod Nair, head of , Geojit Financial Services.

The US Federal Reserve keeping its key interest rate unchanged and signalling rate cuts next year, along with continuous foreign fund inflows into the equity markets, have fuelled the rally in stocks.

HCL Technologies was the biggest gainer in the Sensex pack, rising 5.58 per cent, followed by Tata Consultancy Services and Infosys, State Bank of , Tech Mahindra, Tata Steel, NTPC and Wipro.

In contrast, Nestle, Bharti Airtel, Maruti and ITC were among the laggards.

 

 

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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