The Nifty continued its remarkable streak, closing at a record high for the fifth straight session on Thursday, marking a 0.57% increase or 123.9 points, reaching 21,778.7. According to Deepak Jasani, Head of Retail Research at HDFC Securities, the cash market volumes on the NSE surged to Rs 1.1 lakh crore.
Notably, activity was focused on PSU (Public Sector Undertaking) stocks, with nine out of the top 15 traded stocks on the NSE falling into this category.
Across Asia, shares reached five-month highs, propelled by the anticipation of more aggressive rate cuts, mirroring the robust rally in US stocks. Chinese shares, particularly, were set for their best day in four months, experiencing gains from sectors that had underperformed in 2023. Meanwhile, European stocks opened with marginal decreases.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, highlighted the gains in sectors like oil and gas, metals, and pharmaceuticals.
The rise in gold prices to over three-week highs contributed to the momentum in jewelry stocks, supported by the decline in the dollar and bond yields, which hit multi-month lows.
The market's upward trend over the past five sessions is bolstered by optimism about expected growth in the upcoming year. Globally, markets are being buoyed by hopes for an early rate cut by the US Federal Reserve in 2024. Furthermore, Foreign Institutional Investors (FIIs) have shifted to becoming net buyers after six consecutive days of selling.
(With Agency Inputs)
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