Sensex and Nifty Hit Record Highs

The Sensex and Nifty soared to unprecedented levels on December 15, with the Nifty surpassing 21,300 and the Sensex breaching the 71,000 milestone for the first time. The indices remained on track to conclude the week positively for the seventh consecutive week, a feat not seen in three years.

Market Performance and Sectoral Analysis

• Current Figures:

  • Around noon, the Sensex rose by 442.54 points (0.63%) to 70,956.74, while the Nifty surged by 133.10 points (0.63%) to 21,315.80.
  • Gainers outnumbered losers with 1,777 shares rising, 1,338 falling, and 93 remaining unchanged.

• Sector-Wise Movement:

  • Information Technology (IT): Nifty IT index surged nearly 4%, propelled by optimism around the easing of macro conditions due to anticipated US interest rate cuts.
  • Metal Sector: Nifty Metal index gained nearly 2% supported by a cooling dollar index.
  • Other Sectors: Positive movements were observed in pharma, energy, and infra sectors, while profit-booking occurred in FMCG, banks, and automobile segments.

Expert Insights and Market Outlook

Prashanth Tapse, Senior VP (Research), Mehta Equities:

• Market Scenario: Wall Street's upbeat mood after the Fed hints at interest-rate policy easing in 2024 echoes positively in the Nifty's performance.
• Technical Analysis: The 21,400-mark emerges as a pivotal resistance zone. With record Dow Jones closure and substantial FIIs investments in December, traders anticipate a bullish market stance, expecting a smooth economic transition.