In a remarkable session on the stock market, the S&P BSE Sensex recorded a significant surge of 1,240.90 points, closing at 71,941.57. The NSE Nifty50 also experienced a notable rise of 385 points, settling at 21,737.60. The positive sentiment extended to broader market indices, reflecting the upbeat mood on Dalal Street.
The rally was primarily guided by strong performances from Adani Group shares and Reliance Industries Limited (RIL). Notably, RIL shares reached a record high of Rs 2,905 during the session, eventually settling at Rs 2,890.10, marking a substantial increase of 6.80% on the NSE.
ONGC emerged as the top gainer on the Nifty50, witnessing an impressive rise of nearly 9%. Other notable gainers included Coal India, Adani Enterprises, Adani Ports, and BPCL.
Conversely, the top losers featured Cipla, ITC, Infosys, LTIM, and Bajaj Auto. ITC shares experienced a decline of over 1.5% ahead of the Q3FY24 results, scheduled for release on the same day.
The banking and financial services sector’s recovery in early trade contributed to the overall positive market sentiment. However, heavyweight companies, particularly those in the energy segment, played a pivotal role in driving the rally.
Investors are currently keeping a watchful eye on developments such as the upcoming Interim Budget 2024-25 and the US Federal Reserve’s interest rate decision later in the week. Aditya Gaggar, Director of Progressive Shares, commented on the day’s trade, noting the dominance of the energy segment and suggesting potential resistance and support levels for the Nifty in the coming days.
