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Nifty tops 20,900, Sensex scales 69,650 as rally extends to 7th Day


The Indian stock markets continued their upward trajectory on December 6th, 2023, notching fresh record highs. The benchmark Nifty 50 index closed at 20,937.70, a gain of 83 points or 0.4% over the previous close. The Sensex also ended 358 points or 0.52% higher at 69,653.73. This marked the 3rd straight session of all-time peaks for both indices.

Analysts attributed the ongoing rally to strengthening investor sentiment amid expectations of political stability post the 2024 general elections and an optimistic growth outlook. The markets have been buoyant since the strong Q2 GDP data which indicated a pick-up in economic activity. Easing inflation and steady interest rates have also uplifted market mood.

The Nifty 50 has climbed 5.8% over the last 7 sessions while the Sensex has advanced 5.6% during this period. The midcap and smallcap indices also closed at fresh record highs, signaling the broad-based nature of the upmove. Market observers believe the declining US bond yields have further encouraged foreign fund inflows into emerging markets like India.

With the macro environment turning favorable, experts feel the markets could see the momentum continuing in the near term. However, some believe intermittent bouts of profit-booking cannot be ruled out following the recent run-up.

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