On December 23, the Nifty and Sensex broke a five-day losing steak by starting the day strongly up as advances in metal and bank stocks provided a much-needed boost and kept the momentum going. The recovery follows a turbulent week in which the benchmarks had their most severe decline since June 2022, with the Nifty
falling 10% from all-time highs into a technical correction.
The Nifty was up 253.35 points, or 1.07 percent, at 23,840.85 at approximately 11:30 a.m., while the Sensex was up 830.70 points, or 1.37 percent, at 78,844.29. Approximately 1,681 shares rose, 1,710 shares fell, and 170 shares remained the same.
All sectors saw positive trading, although Nifty Bank, Metal, and Realty saw the biggest increases, going up 0.8, 1.2, and 1.1 percent, respectively. The banking index increased due to the efforts of major lenders such as HDFC Bank, ICICI Bank, SBI, and Axis Bank. JSW Steel, Tata Steel, Coal India, and Vedanta all had 1-2 percent increases in the metal pack. With support from TCS, Infosys, HCL Tech, and Wipro, Nifty IT also increased by around 1%.Hindustan Unilever and big businesses like ITC, Nestle, and Varun Beverages helped the FMCG index, which had dropped 16 percent over the previous three months, bounce back by about 1 percent.
The upbeat sentiment was reflected in the mid and small-cap indices, which increased by 0.58 and 0.62 percent, respectively.
Following a steep drop last week, the stock market will be in the news as a new week gets underway.
Both the NSE Nifty50 and the BSE Sensex saw steep declines; the Nifty fell by around 1,200 points, representing a 5% weekly loss, and the Sensex fell by over 4,000 points over five days.
The US Federal Reserve’s hawkish signals, selling by international investors, worries about high valuations, and slow corporate earnings growth were the main causes of the fall. Due to recent events, a number of equities are anticipated to attract investor interest as the new trading week gets underway.
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