Economy
Sensex Surpasses 69,000 For First Time As Investor Confidence Surges Post BJP Sweep In Three States
Bhuvan Krishna
Dec 05, 2023, 11:56 AM | Updated 11:56 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
On Tuesday (5 December), India's benchmark indexes marked consecutive record highs, propelled by the ruling party's victories in state elections.
The National Stock Exchange (NSE) Nifty 50 climbed 0.52 per cent to 20,794.50 points, and the S&P Bombay Stock Exchange (BSE) Sensex rose 0.50 per cent to 69,204.10 by 9:51 am IST.
The banking sector saw a 0.7 per cent increase, with public sector banks surging by 1.3 per cent. Financials and large-caps were favored by several brokerages in anticipation of a rally leading up to the 2024 general elections.
The Bharatiya Janata Party's success in three crucial states bolstered market confidence.
Foreign portfolio investors shifted from selling to consistent buying in the past seven sessions, noted VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Frontline banking stocks, including HDFC Bank, ICICI Bank, Axis Bank, and State Bank of India, gained between 1 per cent and 1.75 per cent.
Oil and gas stocks rose 0.9 per cent, aligning with stabilising Brent Crude futures near $78 per barrel.
This stability, driven by demand concerns and supply-cut uncertainties, benefits Indian importers and oil marketing companies.
Bharat Petroleum Corp surged 3 per cent, ranking among the top Nifty 50 gainers.
Domestic-focused small and mid-cap stocks reached fresh record highs, with gains of 0.4 per cent and 0.6 per cent, respectively.
Adani Group stocks, including Adani Enterprises and Adani Ports and Special Economic Zone, experienced a 2 per cent to 6 per cent surge for the second consecutive session.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Bhuvan Krishna is Staff Writer at Swarajya.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.