Markets

Bulls market sees new heights; Sensex tops 72,000-mark for the first time

Sensex was up almost 1 percent at 72,038.43, while Nifty hit record high of 21,654.75

December 27, 2023

Market hits fresh highs

On Wednesday, rallying by a massive 701 points, Sensex soared to new highs by crossing the 72,000 points mark for the first time.

At close on Wednesday, Sensex was up almost 1 percent, or 701 points, at 72,038.43, while Nifty hit a record high of 21,654.75, registering an increase of 1 percent, or 213 points.

Ultratech Cement was up 4 percent, while Hindalco was also up 4 percent.

Metal stocks were strong in trade on Wednesday and apart from Hindalco, JSW Steel was up 3 percent. Tata Steel was also up more than 1 percent, while Tata Motors was up 3 percent.

Vinod Nair, Head of Research at Geojit Financial Services, said the upbeat domestic market continued reaching new record highs and easily recovered last week’s losses. This upward trend was predominantly supported by the Santa Claus rally in anticipation of early rate cuts by the US Fed and cooling global inflation.

Additionally, the news of major shipping companies resuming operations on the Red Sea despite ongoing tensions further bolstered domestic sentiments, he said.

Rahul Sharma, Head of Technical & Derivative Research at JM Financial Services, said, “After a brief midweek panic last week, bulls are back with a bang albeit with some caution. India VIX has touched a new high on a multi-month time frame indicating the possibility of some volatility as we approach the monthly expiry. FII’s have been buyers in the last couple of sessions in Index options while they continue to stay long in the index futures segment.”

[With Inputs from IANS]

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