Benchmark indices continued their upward trajectory for the fifth consecutive session with the Sensex and Nifty closing at near two-month highs. Heavyweights such as Infosys, ICICI Bank, TCS, Bharti Airtel, and Reliance Industries were among the key contributors in the market rally.
At close, Sensex surged 809 points, or 1 per cent, to 81,765.86, while Nifty climbed 240.95 points, or 1 per cent, to 24,708.40. Sensex opened at 81,182.74 against its previous close of 80,956.33 while Nifty 50 opened at 24,539.15 against its previous close of 24,467.45.The Sensex has surged nearly 3,000 points, crossing the 82,000 mark, while the Nifty breached the 24,800 level.
BSE Midcap index climbed 0.27 per cent, and the Smallcap index inched up 0.16 per cent. Investors earned about ₹2.5 lakh crore in a session as the overall market capitalisation of firms listed on the BSE rose to nearly ₹458.2 lakh crore. Among the sectors, Nifty IT index jumped by 2 per cent, while the Nifty Bank, Financial Services, Private Bank, Oil & Gas and Auto index jumped almost by a per cent. Realty and PSU Bank indices, however, ended weak due to profit booking.
IT stocks continued their winning streak boosted by Federal Reserve Chair Jerome Powell’s remarks emphasising the resilience of the US economy, which contributes 60-70 per cent of revenue for IT companies.
Shares of food delivery platforms Zomato and Swiggy closed nearly 5 per cent and 4 per cent higher, respectively. Brokerage firm CLSA maintained its ‘outperform’ rating on Zomato stock and raised its target price to Rs 370 per share, citing robust levers for growth. Indraprastha Gas shares ended 6.5 per cent higher after it announced that the board will consider the proposal of bonus share issue on December 10.
Shares of Indus Towers worth Rs 2,802 crore were sold in a block deal, with UK’s Vodafone Group Plc being the likely seller in the transaction.The domestic market is witnessing sharp gains ahead of the Reserve Bank of India’s (RBI) monetary policy decision on Friday.
On the global front, investors are focused on the Federal Reserve’s policy meeting. Easing geopolitical tensions have also contributed to the positive market sentiment.