Sensex soars 2,000 Points: A resounding roar from the Indian Market

Prameyanews English

Published By : Satya Mohapatra | November 22, 2024 3:36 PM

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The Indian stock market roared back to life on Friday, with the Sensex surging over 2,000 points in a spectacular display of strength and resilience. This impressive rally, driven by robust buying across key sectors and a rebound in Adani Group stocks, injected a much-needed dose of optimism into the market, adding a staggering ₹7 lakh crore to the BSE market capitalization.

The BSE Sensex had skyrocketed by 2,039.44 points to reach 79,195.23, while the NSE Nifty50 climbed 587.90 points to trade at 23,938.75. This surge marked a significant turnaround from recent market trends and signaled a potential shift in investor sentiment.

Several factors contributed to this remarkable rally:

Sectoral strength: Banking and financial heavyweights like ICICI Bank and SBI led the charge, along with IT giants Infosys and TCS. Energy behemoth Reliance Industries and infrastructure leader L&T also played a crucial role in propelling the market upwards. This broad-based buying across sectors reflected renewed confidence in India's economic prospects.

Adani Group rebound: Adani Group stocks, which had faced significant pressure in recent times, staged a strong comeback, recovering from early losses and previous declines. Flagship Adani Enterprises rose 2.5%, while Ambuja Cement and ACC gained 6% and 4%, respectively. This recovery was fueled by the group's firm dismissal of bribery and fraud allegations against its chairman, Gautam Adani, helping to restore investor confidence.

Positive market breadth: The overall market sentiment was overwhelmingly positive, with 2,365 stocks advancing on the BSE and 147 stocks hitting their 52-week highs. This breadth indicated widespread optimism and a willingness among investors to take on risk.

FII and DII activity: While foreign institutional investors (FIIs) sold shares worth ₹5,320.68 crore in the previous session, their selling was largely counterbalanced by domestic institutional investors (DIIs), who made net purchases of ₹4,200.16 crore. This suggests that domestic investors remain confident in the Indian market's long-term potential.

Sectoral indices mirrored the overall market's positive trend, with Nifty IT, Financial Services, and Oil & Gas outperforming the broader index. Gains in these indices ranged from 1.3% to 1.7%, highlighting strong sector-specific momentum.

This impressive market rally signifies a potential turning point for the Indian stock market. The combination of strong sectoral performance, a rebound in Adani Group stocks, and positive market breadth suggests a revival in investor confidence. While challenges remain, including global economic uncertainties and geopolitical risks, this surge provides a much-needed boost to the market and reinforces the long-term growth potential of the Indian economy. As investors continue to monitor developments and assess opportunities, this rally serves as a reminder of the resilience and dynamism of the Indian stock market.

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