Sensex Today: Equity markets scaled fresh peaks in intraday trades on Monday as a clean sweep by Bharatiya Janata Party in three Hindi heartland states assured investors of political stability in 2024, when the nation goes to poll for General elections.
The S&P BSE Sensex zoomed over 1,400 points intraday to hit a new record high of 68,918. It, eventually, ended at 68,865, up 1,384 points or 2 per cent.
The Nifty50, on the other hand, hit a fresh lifetime high of 20,703 before closing at 20,687, up 419 points or 2 per cent.
In the broader market, the BSE MidCap index hit a new peak of 35,124 intraday, while the BSE SmallCap index registered new record high of 41,222. Both the indices ended near these levels, up 1.2 per cent each.
Sectorally, financials led the charge with the Nifty PSU Bank index up 3.88 per cent, the Nifty Bank, and Private Bank indices 3.6 per cent each, and the Nifty Financial Services index 3.25 per cent.
“The market has already started the pre-election rally for May 2024 from November, now this rally will get pace after the outcome of state elections,” said Sunil Nyati, managing director of Swatika Investmart.
The Nifty and Sensex posted their best month in 2023 in November, aided by return of foreign inflows on improved global rate outlook.
Global Cues
Asian shares were mixed in early trade on Monday. MSCI’s broadest index of Asia-Pacific shares outside Japan was still up 0.4%, led by gains in South Korea and Australia. Japan’s Nikkei dipped 0.4% as the yen extended recent gains.
Treasury yields hit multi-month lows last week after a US Federal Reserve official made fresh hints of interest rate cuts. The two-year yield hit its lowest since mid-July at 4.6% and the benchmark 10-year yield fell its lowest since September at 4.23%
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