The equity markets’ record-breaking momentum persisted as the bellwether Sensex surpassed 69,000 for the first time, driven by expectations of a stable government following next year’s General Election.
The BSE Sensex opened at a record high of 69,169 and gained 303 points, or 0.44 per cent, compared to the previous close of 68,865. It closed at 69,296.14, up 0.63 per cent or 431.02 points. The National Stock Exchange’s Nifty climbed 122 points, or 0.59 per cent, to open at a new high of 20,809 and surged further to close at 20,855 points on heavy buying interest triggered by FOMO (fear of missing out).
Nifty has continued its upward momentum, marking gains for the sixth consecutive day. Cash volumes on the NSE crossed ₹1.2-lakh crore amid increased activity from institutions including FPIs. Broad market indices rose less than the Nifty even as the advance decline ratio fell to 0.91:1.
Foreign Portfolio Investors (FPIs) remained net buyers to the tune of ₹17,133 crore in the last eight trading sessions. Going forward, investors will take cues from US Service PMI and Jolt Jobs data that will be released late today.
Prashanth Tapse, Senior VP (Research), Mehta Equities, said markets reached new highs driven by substantial gains in power, oil, gas, and banking stocks. Investors remain optimistic about India’s growth, reinforced by the ruling party’s recent election victory in State elections, fuelling bullish sentiment.