The key benchmark indices, Sensex and Nifty, hit new all-time high levels in early trade on Thursday, December 28, extending the gaining streak for the fifth straight day.
Nifty50 opened in green at 21,715 on Thursday and surged 142 points from its previous close to hit a high of 21,796.25 levels in intraday trade. Similarly, BSE Sensex opened at 72,137.45 and gained more than 400 points to hit a fresh high of 72,473.03.
The key benchmark indices continued their stellar run extending the gain for the fifth consecutive session amid optimism over the domestic macroeconomic fundamentals, firm global market trends and fresh fund outflows.
According to a Mint report, shares of Mahindra and Mahindra, NTPC, Nestle, Titan, Bharti Airtel and Bajaj Finserv witnessed a good traction while Axis Bank, Tech Mahindra and Asian Paints were under pressure.
Among the sectoral indices PSU Bank, Nifty Auto and Nifty Bank were among the top gainers while Nifty IT traded in red.
According to experts the stock market has been witnessing a bullish phase for a long time, and the midcap and smallcap stocks have been outperforming the largecap segment.
According to stock exchange data, until December 22, 2023, the BSE smallcap index rose by 13,074.96 points or 45.20 per cent, while the midcap index rose by 10,568.18 points or 41.74 per cent. During this period, BSE’s 30-share index Sensex rose by 10,266.22 points or 16.87 per cent. It was also found that on December 20, the small cap index reached its all-time high of 42,648.86 points, and the midcap index also reached its record peak of 36,483.16 points.
Analysts have found that the rise in the equity market has been witnessed due to better domestic macroeconomic fundamentals and an increase in the confidence level of retail investors.
When the year started, there were a lot of dilemmas regarding the progress of small and midcap indexes in the stock market. On March 28, this year, smallcap and midcap indices had reached their 52-week low. The BSE smallcap index hit its one-year low of 26,120.32 points, while the midcap index hit its 52-week low of 23,356.61 points on the same day. Even the BSE Sensex had also witnessed a one-year low of 57,084.91 points. The investors were quite worried due to the turmoil of big global banks and various macroeconomic concerns. The market made a comeback in November and December.
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