Sensex, Nifty 50 snap two-day losing run; investors earn over ₹3 lakh crore
Stock market today: Domestic market benchmarks the Sensex and the Nifty resumed their upward march, snapping their two-day losing run, on Thursday, January 4, on across-the-board buying amid mixed global cues.
The market sentiment is supported by the anticipation that the Federal Reserve will likely initiate rate cuts as early as March this year.
According to the CME FedWatch tool, markets are now pricing in a 70 per cent chance of the Fed cutting rates in March.
The minutes of the last US Federal Reserve meeting, which was released on Wednesday, indicated the Fed was convinced that inflation was coming under control. The Fed officials also were concerned about the damage that “overly restrictive” monetary policy might do to the economy.
Also Read: US Fed meeting minutes: Here are 10 key highlights from the FOMC December meeting
Nifty 50 opened at 21,605.80 against the previous close of 21,517.35 and touched its intraday high and low of 21,685.65 and 21,564.55 respectively.
Nifty 50 eventually closed the day at 21,658.60, up 141 points, or 0.66 per cent.
Sensex opened at 71,678.93 against the previous close of 71,356.60 and touched its intraday high and low of 71,954.79 and 71,546.60 respectively. The index finally ended 491 points, or 0.69 per cent, higher at 71,847.57.
Midcap and smallcap indices clocked robust gains and hit their fresh all-time highs during the session.
The BSE Midcap index hit its record high of 37,669.07 before closing 1.49 per cent higher at 37,634.28. The BSE Smallcap index hit its fresh record high of 43,578.92 during the session and closed at 43,568.09, up 1.08 per cent.
The overall market capitalisation of the firms listed on the BSE jumped to nearly ₹368.4 lakh crore from ₹365.1 lakh crore in the previous session, making investors richer by about ₹3.3 lakh crore in a single session.
(More to come)
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Published: 04 Jan 2024, 03:31 PM IST
