Discover the shocking turn of events in the stock market today as Nifty hits its highest point ever and Sensex surges over 500 points! Dive into the frenzy as investors rush to buy IT, automobile, and technology stocks, driving the market into an unexpected rally.
Market Rebound and Record Highs
Equity benchmark indices bounced back on Thursday, with the Nifty reaching a new all-time high and the Sensex surging over 500 points. Investors showed enthusiasm by buying into IT, automobile, and technology stocks.
Starting with volatility, the equity market saw a turnaround in the latter half of the day. After 2:30 pm, the 30-share benchmark Sensex climbed by 535.15 points or 0.74 percent, closing at 73,158.24 points. Notably, 22 Sensex constituents ended the day in positive territory, and the index reached an intra-day high of 73,256.39 points.
The broader Nifty also performed well, rising by 162.40 points or 0.74 percent to achieve its highest-ever closing level of 22,217.45 points. During trading hours, it peaked at 22,252.50 points, with 25 Nifty constituents closing with gains.
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Factors Driving the Market
Positive Purchasing Managers’ Index (PMI) data from the Eurozone and strong earnings reports from US tech stocks provided momentum to the market’s recovery. Additionally, India’s economic activity showed resilience in February, with improvements in both service and manufacturing PMI. This led to outperformance in discretionary stocks and capital goods.
The BSE Midcap index gained 0.92 percent, the largecap index climbed 0.81 percent, and the smallcap index rose 0.54 percent. Among the top gainers in the Sensex pack were HCLTech, up by 3.12 percent, followed by ITC (2.73 percent), and M&M (2.61 percent). TCS also saw a notable increase of 2.44 percent. Other major gainers included Tech Mahindra, Wipro, L&T, and Maruti.
However, stocks of major banks saw a decline, with IndusInd Bank falling by 1.87 percent, HDFC Bank dropping 1.28 percent, Kotak Mahindra Bank declining by 1.11 percent, and SBI slipping by 0.73 percent. Hindustan Unilever, Bharti Airtel, and Bajaj Finance also ended the day in negative territory.
In Asian markets, Japan’s Nikkei 225 surged over 2 percent to reach its highest level since 1989. Hang Seng of Hong Kong and China’s Shanghai Composite also closed with significant gains. European stocks were mostly trading with gains as well.
Bhaarat Bulletin’s Shikha Rai, Bimal Dev, and BSE/NSE have contributed to the above report
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