Sensex and Nifty Surge Amid Global Optimism and Domestic Factors
The Sensex and Nifty indices advanced for the second consecutive session, driven by strong performances in metal and telecom stocks and positive trends in global markets. Domestic factors like the RBI's monetary policy and increased consumer confidence also contributed. Key sectors showing growth include capital goods, telecom, and industrials.
- Country:
- India
For the second straight session, India's benchmark indices, Sensex and Nifty, showed upward momentum, buoyed by the performance of metal and telecom stocks amidst a positive global market trend. Sensex soared by 223.86 points, closing at 81,207.17, while the Nifty advanced by 57.95 points to settle at 24,894.25.
Contributory factors include domestic developments such as the Reserve Bank of India's steady monetary policy, upgraded growth outlook, and lower inflation guidance, enhancing confidence in rate-sensitive sectors like banking. This trend was reinforced by hopes of a Fed rate cut and stable metal prices, boosting metal indices and broader market sentiment.
Sectors such as capital goods, boosted by government commitment to increased capital expenditure, witnessed notable gains. Meanwhile, foreign investors offloaded significant equities; however, domestic investors offset this with substantial buying activity, further driving the market upwards.
(With inputs from agencies.)
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