stock market today bse sensex nifty50 december 22 2023 bull market run dalal street | India Business News

Stock market today: BSE Sensex and Nifty50 resumed their rallying streak on the last trading day of the week with the 30-share benchmark index regaining the 71,000 level. At 11:22 AM, BSE Sensex was up 300 points or 0.42% at 71,165.54. Nifty50 was up over 110 points or 0.55% at 21,371.35. While BSE Sensex has till the time of filing this story hit an intraday high of 71,259.55, Nifty50 has hit a high of 21,390.50.
Indian benchmark indices opened with gains on Friday, taking cues from positive global markets.The market showed a bullish trend, with 38 stocks trading in the green, 10 in the red, and two remaining unchanged. Adani Ports and Special Economic Zone, Hindalco Industries, Tata Motors, UPL, and Divi’s Laboratories emerged as the top gainers, while Axis Bank, ICICI Bank, Infosys, HDFC Bank, and Indusind Bank were the top losers, according to an ET report.
According to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the market signal indicates that the sharp correction witnessed on Wednesday was a one-day event and not a reversal of the uptrend. He highlighted the success of the “buy on dips” strategy, which has consistently played out in the ongoing rally. The global cues remain favorable, with the dollar index below 102 and the US 10-year bond yield hovering around 3.9%.However, Vijayakumar cautioned about excessive valuations in the mid and small cap segments, raising concerns in the market. He stated that the rally driven by retail exuberance and sustained flows into mid and small cap mutual funds has entered a frothy zone. He emphasized the importance of safety along with returns and highlighted that large caps currently offer stability. Going forward, he expects large caps to outperform mid and small caps.
In the Wall Street market, the frontline indices ended with strong gains on Thursday. The Dow 30 closed at 37,404.40, up by 322.35 points or 0.87%, while the S&P 500 settled at 4,746.75, higher by 48.40 points or 1.03%. The Nasdaq Composite finished at 14,963.90, up by 185.92 points or 1.26%. The upward climb of the market was supported by updated US quarterly growth figures, with markets preparing for more pre-holiday economic data.

Asian markets also displayed positive trends, with the Nikkei 225 index recovering from Thursday’s losses and trading at 33,204.90, up by 64.42 points or 0.19% at 9:30 am India time. Hong Kong’s Hang Seng showed a 0.12% increase, while Singapore’s FTSE Straits Times Index emerged as the top performer with 0.83% gains. China’s Shanghai Composite was up by 0.50%.

Source link

Leave a comment
Slot Thailand