Mumbai: India’s domestic stock markets hit record highs on Thursday, with the BSE Sensex and NSE Nifty reaching 77,145 and 23,481 respectively. The Nifty 50 closed 0.33 per cent higher at 23,398.95, while the Sensex ended 0.27 per cent up at 76,810.90. Top performers of the day in the Nifty 50 included Shriram Finance, HDFC Life Insurance, Divi’s Lab, M&M, and Titan, while Hindustan Unilever, ICICI Bank, Axis Bank, Eicher Motors, and Britannia faced losses.
Among sectors, the Reality Index was the top gainer, rallying over 2 percent, while the Media Index corrected 1 percent. Shrikant Chouhan, Head Equity Research at Kotak Securities, noted, “After a gap up opening one more time, the market witnessed selling pressure at higher levels. However, the short-term texture of the market is still on the positive side.” In the sectoral indices, except for banking, FMCG, and media sectors, all others showed positive movement. The realty, consumer durables, and IT sectors experienced gains, followed by auto, healthcare, and oil and gas sectors.
In the broader market, the BSE SmallCap surged by 0.93 per cent, and the BSE MidCap climbed 0.78 per cent. In the global market, the U.S. Federal Reserve’s decision to maintain interest rates and revise its rate cut expectations to possibly one by December impacted bond yields across the eurozone. The German 10-year bund yield reached 2.55 per cent. European equities faced downward pressure due to elevated government bond yields following the Fed’s revised interest rate projections. The STOXX 600 dipped by 0.5 per cent, retreating from the previous session’s 1 per cent gain.
Varun Aggarwal, MD of Profit Idea, stated, “MSCI’s decision to exclude the European Union’s debt from its government bond indexes further influenced market sentiment. Most sectors in Europe traded lower, with real estate and auto stocks experiencing notable declines.” Overall, while the Indian domestic stock markets reached new highs driven by favourable inflation data, the global markets faced challenges due to the U.S. Federal Reserve’s decisions and bond yield movements in the eurozone.
In conclusion, the stock market in Mumbai soared to record highs on Thursday, with the BSE Sensex and NSE Nifty reaching unprecedented levels. Despite positive movement in most sectors, including realty, consumer durables, and IT, European equities faced downward pressure due to the U.S. Federal Reserve’s decisions impacting bond yields. While the Indian domestic markets continue to show strength, global factors are influencing market sentiments in various regions. Investors will be closely watching for further developments in both domestic and global markets in the coming days.
