BW Businessworld Media Pvt. Ltd
In a triumphant dance across the trading floor, our domestic market icons, the Nifty 50 and the Sensex, closed the curtains at unprecedented highs on a spirited Monday, December 4. The rallying force behind this surge? The Bharatiya Janata Party (BJP) clinched victories in three major states, reigniting optimism that they might clinch the throne once again in the General Elections of 2024, paving the way for a stable government.
For the market, the General Elections are akin to a grand conductor orchestrating the financial symphony. Analysts, akin to seasoned music critics, are now humming the tune that the BJP’s triumph in the state elections fortifies the anticipation of a repeat performance in the upcoming national elections. Such a repetition signifies an encore of the policies and reforms set into motion by the ruling government.
Midcap and Smallcap Indices Join the Rally
The Nifty 50 showcased its prowess, hitting an all-time high at 20,702.65, while the Sensex reached a crescendo at 68,918.22 during the trading spectacle. As the final curtain fell, the Nifty 50 stood tall at 20,686.80, a commendable ascent of 419 points or 2.07%, and the Sensex, not to be outdone, closed with a triumphant gain of 1,384 points or 2.05%, reaching a peak of 68,865.12, as per recent business news. The applause echoed as both these leading indices basked in the glory of their record-setting closing performance.
The supporting cast, comprised of the BSE Midcap and Smallcap indices, played their roles with finesse, reaching new heights at 35,124.23 and 41,221.91, respectively. As the final act unfolded, the BSE Midcap index took a bow, closing 1.19% higher at 34,999.76, while the Smallcap index wrapped up its performance with a 1.20% gain at 41,051.01.
In this market symphony, the total market capitalization of BSE-listed firms swelled to nearly ₹343.5 lakh crore, a remarkable surge from ₹337.7 lakh crore in the preceding session. As the curtains fell, investors found themselves richer by about ₹5.8 lakh crore in a single session, a testament to the market’s captivating performance.
Amidst the jubilation, over 430 stocks, including Axis Bank, Bajaj Finserv, Bharti Airtel, HCL Tech, Larsen & Toubro, Mahindra and Mahindra, NTPC, Titan, and UltraTech Cement, took a bow at their fresh 52-week highs in intraday trade on BSE, marking their own moment in the spotlight, according to business in India.
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