Markets fire on all cylinders: Sensex gains 969 points to scale record high of 71,439

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 level. File
| Photo Credit: Reuters

Indian benchmark stock indices on December 15 soared to fresh record highs riding on a continued globally rally post the U.S. Fed’s dovish stance and buying momentum.

Led by technology stocks the S&P BSE Sensex surged 2.37% or 969.55 points to 71,438.95, a record high.

The top 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, also a record high.

Avdhut Bagkar Technical and Derivatives Analyst, StoxBox said, “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 said.

The trend remains highly optimistic, and the market should continue to rally further until a dramatic sell-off appears. While the index had moderated selling pressure at the opening bell, and traded sideways during the mid-session, the last hour witnessed extensive momentum, allowing to close stalwartly in the uncharted territory,” he further said.

Osho Krishan, Senior Analyst – Technical & Derivative Research, AngelOne said, “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.

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