Stock market at new heights; Sensex rises 250 points, Nifty crosses 21700
At 9.21 am, BSE Sensex was seen trading at 72,297, up 258 points or 0.36%. At the same time, Nifty50 was seen trading at the level of 21,734 with a rise of 79 points or 0.37%. Indian stock markets opened at a new record high on Thursday due to the rise in global markets on the expectation that the US central bank Federal Reserve will start cutting interest rates from next March. Barring realty shares, all sectors witnessed gains. At 9.21 am, BSE Sensex was seen trading at 72,297, up 258 points or 0.36%. At the same time, Nifty50 was seen trading at the level of 21,734 with a rise of 79 points or 0.37%.
Bhavika Nandwana
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Indian indices have risen more than 8% so far in the month of December
Indian indices have gained 8% so far this month on the back of strong domestic macroeconomic data, return of foreign investment and softening oil prices. Monthly profits have also been the highest this year and the highest since July 2022.
Shares of JSW Steel, NTPC and Power Grid rose by more than one percent each.
During Thursday's trading session, shares of JSW Steel, NTPC and Power Grid among BSE Sensex companies rose by more than one percent each. Shares of Wipro, ICICI Bank, Bajaj Finserv, SBI and Tata Steel were also seen trading with gains. On the other hand, shares of UltraTech Cement, Infosys, Asian Paints and Tech Mahindra opened in the red.
Condition of 30 Sensex stocks during Thursday's trading session
Among individual stocks, shares rose 3% after Canara Bank was given in-principle approval to begin the process of listing its mutual fund subsidiary Canara Robeco AMC through an initial public offering of shares. The board of directors of South Indian Bank has approved the proposal to raise up to Rs 1,750 crore through share issue. After this, the company's shares opened with a rise of three percent.
Rupee strengthened by eight paise against dollar
The rupee on Thursday strengthened by eight paise to 83.26 against the US currency amid weak dollar against key foreign peers and positive cues from domestic equity markets.
According to currency traders, the Indian currency strengthened due to heavy buying by foreign institutional investors (FIIs). However, fluctuations in crude oil prices hindered the Indian currency's sharp rise. In the interbank foreign exchange market, the rupee opened at Rs 83.33 per dollar and rose by eight paise to Rs 83.26 per dollar in early trade. On Wednesday, the rupee had closed at 83.34 against the dollar.
Meanwhile, the dollar index, which gauges the US dollar's position against six major currencies, was trading 0.17 per cent lower at 100.48 on Thursday. Global oil price benchmark Brent crude rose 0.08 percent to $ 79.71 per barrel. According to stock market data, foreign institutional investors bought shares worth Rs 2,926.05 crore on a gross basis on Wednesday.
