Mumbai: The Indian stock market reached a new milestone today, with the Sensex exceeding 70,000 points for the first time ever. This surge follows a strong month of December, where the Sensex gained over 3,000 points, translating to a rise of more than 4.5%.
The market opened in the green on Monday, with the Sensex hitting a record high of 70,048.90 points during the session. By 9:40 AM, it was trading at 69,964.30 points, still reflecting a significant gain of 173.93 points. Experts predict further growth for the Sensex, potentially reaching 71,000 points before the end of the year.
The Nifty, a broader index of the National Stock Exchange (NSE), also witnessed an upward trend, trading at 20,983.15 points, up nearly 14 points. During the session, it touched a record high of 21,019.80 points. In December, the Nifty gained 886.65 points, offering a return of 4.40% to investors. Experts believe the Nifty could even cross 21,100 points before the month ends.
Several notable stocks contributed to the market’s rise. Coal India, IndusInd Bank, ONGC, UPL, and Kotak Bank were among the top gainers, experiencing increases of 1.62%, 1.59%, 1.35%, 1.32%, and nearly 1%, respectively. However, Dr. Reddy’s shares experienced a decline of almost 6%, while Asian Paints, Cipla, Sun Pharma, and M&M also underperformed.
The recent positive market momentum can be attributed to several factors, including:
- RBI’s MPC revises India’s economic growth forecast to 7%: This optimistic outlook instilled confidence in investors.
- No change in the inflation forecast: This provided stability and predictability for the market.
- Strong corporate earnings: Several companies reported positive financial results, boosting investor sentiment.
- Global market rally: The positive performance of international markets also contributed to the bullish sentiment in India.
Overall, the Indian stock market is experiencing a period of significant growth, with the Sensex and Nifty reaching new highs. Positive economic projections, robust corporate earnings, and a rally in the global stock market are all contributing to this positive trend. The market is poised for further growth in the coming weeks and months, potentially reaching even higher levels.
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