The benchmark equity indices ended Wednesday’s trading session in the positive territory. The NSE Nifty 50 soars 206.90 points or 1.04% to settle at 20,096.60, while the BSE Sensex jumped 727.70 points or 1.10% to 66,901.91. Bank Nifty index jumped 685.50 points or 1.56% to settle at 44,566.45.
The broader indices ended in positive territory, with gains led by Smallcap and Largecap stocks. Financial services and Auto stocks outperformed among the other sectoral indices while Realty, Media and Consumer Durables stocks shed.
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Axis Bank, Hero MotoCorp, Mahindra & Mahindra, Wipro, and HDFC Banks were the top gainers on the NSE Nifty 50, while the laggards included Adani Enterprises, ONGC, Divis Labs, Nestle India, and Eicher Motors.
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The Indian Volatility Index (India VIX) closed down by 4.37 %.
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“The market saw incredible upward momentum today, Nifty surpassing the 20,000 mark, driven by strong listing gains of ongoing IPOs and dovish statements from US Fed officials, intensifying expectations for early rate cuts. This was demonstrated by the rise in Mid & Small caps and drop in US bond yields and Dollar index. Ease in yield is attracting foreign funds to emerging markets,” said Vinod Nair, Head of Research at Geojit Financial Services.
Nair also said that, Indian IT, automotive, banking, and oil & gas led the overall momentum, while real estate is lagging after hitting a record high. Looking ahead investors will closely monitor the outcome of the forthcoming exit poll, the OPEC+ meeting, and India’s GDP data to assess the short-term trajectory.
