June 13th 2024.
In exciting news, the Indian stock market closed in the green on Thursday, thanks to a decrease in inflation rates both in India and the US. The Sensex, India's main equity benchmark, finished the day at 76,810, up by 204 points or 0.27 per cent, while the Nifty, another key index, rose by 75 points or 0.33 per cent, reaching 23,398.
It looks like investors have been feeling quite optimistic about the Nifty in recent trading sessions. In fact, the Nifty hit an all-time high of 23,481 early in the day, surpassing its previous record of 23,441.
This ongoing bullish trend in the Indian stock market is definitely worth noting. Over the past year, the Nifty has seen a significant surge of 5.88 per cent, with an even more impressive growth of 11.84 per cent in the last six months. Since the beginning of this year, it has increased by 7.65 per cent, and in the previous year, it has grown by nearly 25 per cent.
So, what's driving this impressive rally in the Nifty? Well, for starters, the Indian economy has been experiencing high GDP growth. Additionally, the current stable government in the country and increased corporate earnings have also contributed to the positive trend.
But it's not just large-cap stocks that are seeing a bullish trend. Small and medium stocks are also on the rise, as evidenced by the Nifty Midcap 100 index closing 426 points or 0.79 per cent higher at 54,652 points, and the Nifty Smallcap 100 index closing 119 points or 0.67 per cent higher at 17,908 points.
Taking a closer look at the sectoral indices, we can see that Auto, IT, financial services, pharma, realty, infrastructure, and PSE were among the major gainers, while FMCG, realty, and infra were the major laggards.
Some top gainers in the market on Thursday were M&M, Titan, L&T, IndusInd Bank, Tech Mahindra, TCS, UltraTech Cement, and Wipro. On the other hand, HUL, ICICI Bank, Power Grid, and Axis Bank were the top losers.
Market experts have noted that the domestic equity benchmark traded with a modest gain today, with the latest CPI data showing a decline in inflation rates. This trend is also reflected in the US CPI, which has lowered market expectations from two rate cuts in CY24 to just one. As a result, the global markets are experiencing a mixed effect.
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