Millennium Post (Kolkata)

Markets scale new lifetime highs, energy stocks shine

In four-day record-breaking spree, Sensex rallied 1,567 points or 2.15% while Nifty rose 454 points or around 2%

- OUR CORRESPOND­ENT

Benchmark equity indices Sensex and Nifty settled at new record high levels on Monday in a highly volatile trade following buying in energy and banking shares as Moody’s upgraded 2024 India GDP growth forecast on “better than expected” economic data.

Extending its rally to the fourth session in a row, the 30-share BSE Sensex rose by 66.14 points or 0.09 per cent to settle at an all-time high of 73,872.29. During the day, it jumped 183.98 points or 0.24 per cent to record intra-day high of 73,990.13.

The broader Nifty rose by 27.20 points or 0.12 per cent to close at a lifetime high of 22,405.60 points. During the day, it hit a record intra-day level of 22,440.90.

In the four-day recordbrea­king spree, Sensex rallied 1,567 points or 2.15 per cent while Nifty shot up 454 points or around 2 per cent.

Analysts said though benchmark indices closed at record levels, the market traded in a range. Gains were driven by buying in banks, energy and pharma shares while IT, FMCG and auto shares retreated, analysts said.

The global sentiment is likely to be cautious ahead of FED chair testimony and ECB policy later this week, Nair added.

Among Sensex shares, NTPC rose the most by 3.5 per cent. Power Grid gained 2.63 per cent, Reliance Industries by 1.03 per cent and Axis Bank by 0.90 per cent.

Bajaj Finserv, Tech Mahindra,

ICICI Bank, Bharti Airtel and IndusInd Bank were also among the major gainers.

On the other hand, JSW Steel fell the most by 2.49 per cent. Mahindra & Mahindra, Tata Steel, UltraTech Cement, Infosys and Titan were among the laggards.

Global rating agency Moody’s raised India’s growth forecast for 2024 calendar year to 6.8 per cent, from 6.1 per cent earlier, on the back of ‘stronger-than-expected’ economic data of 2023 and fading global economic headwinds.

In the broader market, the BSE midcap gauge climbed 0.16 per cent while the smallcap index dipped 0.78 per cent.

Among the indices, oil & gas zoomed 1.88 per cent, energy jumped 1.71 per cent, power by 1.67 per cent, utilities by 1.45 per cent, telecommun­ication by 0.50 per cent and bankex by 0.39 per cent.

Commoditie­s, consumer discretion­ary, FMCG, IT and teck were among the laggards.

The total market capitalisa­tion of BSE-listed companies stood at Rs 3.93 lakh crore ($4.80 trillion).

In a special trading session on Saturday, Sensex climbed 60.80 points or 0.08 per cent to reach its all-time closing high of 73,806.15. The Nifty went up by 39.65 points or 0.18 per cent to settle at a new closing high of 22,378.40.

Leading stock exchanges BSE and NSE conducted a special trading session in the equity and equity derivative segments on Saturday to check their preparedne­ss to handle major disruption or failure at the primary site.

Among the indices, oil & gas zoomed 1.88 per cent, energy jumped 1.71 per cent, power by 1.67 per cent, utilities by 1.45 per cent, telecommun­ication by 0.50 per cent and bankex by 0.39 per cent

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