The Nifty achieved a record-breaking streak with a seventh consecutive weekly gain, closing at an all-time high of 21,457, while the Sensex surged nearly 1,000 points to settle at 71,483, as reported by Devarsh Vakil, Deputy Head of Retail Research at HDFC Securities. The market rally is attributed to the US Federal Reserve's dovish stance, hinting at potential rate cuts in the coming years.
PSU bank stocks extended gains for the 11th consecutive trading session, contributing to the market's robust performance. Cash market volumes spiked significantly, marking the second-highest levels ever. The combined market value of all BSE-listed companies witnessed a substantial increase of Rs 2.76 lakh crore on Friday, totaling Rs 357.78 lakh crore.
November saw a narrowing trade deficit, and the rupee appreciated by 0.4%, settling at Rs 83 per dollar, its most significant gain since March. While Nifty Midcap 100 and Smallcap 100 indices closed at all-time highs, they slightly underperformed on Friday compared to the Nifty, which saw an advance-decline ratio of 1.09 on the BSE for the third consecutive day.
Key Points:
1. The Nifty hit a record high at 21,457, marking its seventh consecutive weekly rise, while the Sensex closed at 71,483, soaring nearly 1,000 points, according to Devarsh Vakil, Deputy Head of Retail Research at HDFC Securities.
2. The stock market surge was influenced by the US Federal Reserve's dovish stance, hinting at approximately three rate cuts in the forthcoming years.
3. Cash market volumes spiked significantly, reaching the second-highest level ever, surpassing recent averages. Notably, PSU bank stocks continued their upward trend for an impressive 11th consecutive trading session, as mentioned by Vakil.
4. The collective market worth of BSE-listed companies surged by Rs 2.76 lakh crore on Friday alone, contributing to an overall weekly increase of Rs 8.55 lakh crore, reaching a total of Rs 357.78 lakh crore.
5. India's trade deficit narrowed in November compared to the previous month's record high, attributed to reduced imports post the festive season slowdown. The rupee strengthened by 33 paisa or 0.4 percent, closing at Rs 83 per dollar, marking its most substantial gain since March, as highlighted by Vakil.
6. Both the Nifty Midcap 100 and Smallcap 100 indices achieved their all-time highs. However, they exhibited a slight underperformance on Friday, with gains of 0.11 percent and 0.71 percent, respectively, compared to the Nifty.
7. Advancing shares outnumbered declining shares for the third consecutive day, reflecting an advance-decline ratio of 1.09 levels on the BSE, according to Vakil's observations.
8. The Nifty's record-breaking climb to 21,457 and the Sensex's significant leap to 71,483 were remarkable milestones in the market's ongoing upward trajectory.
9. The surge in market value by Rs 2.76 lakh crore on Friday and the overall weekly increase of Rs 8.55 lakh crore signified robust investor confidence and bullish sentiment.
10. The positive market trends, fueled by the US Federal Reserve's dovish stance and reduced trade deficit, contributed to a strengthening rupee and a buoyant stock market atmosphere, especially in PSU bank stocks and overall market indices like Nifty Midcap 100 and Smallcap 100.
(With Agency Inputs)
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