Markets: Sensex and Nifty sustain positive momentum, recording over 7% gains in December and 17.3% and 18.4% respectively for the year, fueled by robust macroeconomic indicators, subdued US inflation, declining bond yields and the dollar, along with increased Foreign Portfolio Investors (FPI) buying.
The domestic market rides a wave of optimism with the Sensex and Nifty, key equity benchmarks, maintaining a consistent positive trend in the last four trading sessions, marking a gain of over 7% in December after a substantial 5% rise in the preceding month.
The recent market surge is attributed to robust domestic macroeconomic indicators, a decline in US inflation raising hopes for rate cuts, a continuous decrease in US bond yields and the dollar, coupled with increased buying by foreign portfolio investors (FPIs).
? Sensex hits record high today by surging 700 points, tops 72K for first time. Nifty is at 21,650. Indian market is on dream run. pic.twitter.com/lZU30UnRJh
— Indian Tech & Infra (@IndianTechGuide) December 27, 2023
The Sensex commenced trading at 71,492.02, surpassing the previous close of 71,336.80, and achieved a new record high of 72,119.85 during the session. Closing the day with a gain of 702 points, or 0.98%, the Sensex concluded at 72,038.43, while the Nifty 50 finished at 21,654.75, marking an increase of 213 points, or 1%.