Closing bell: Benchmark indices close higher with Nifty IT among the top gainers - 16.11.2023 !
Description: On Thursday, the Indian benchmark indices wrapped up the trading session on a positive note.
Thursday marked a bullish trend for Indian benchmark indices, with the Sensex climbing 0.47% to surpass 65,900, and the Nifty rising 0.46%, closing above 19,700. This positive momentum extended to the broader market, as Nifty Midcap and Nifty Smallcap recorded gains of 0.78% and 0.58%, respectively.
In the sectoral landscape, Nifty IT stole the spotlight, leading gainers with an impressive surge of over 2.5%. Contributing to the positive momentum were Nifty Realty and Nifty Pharma, while Nifty PSU Bank, Nifty FMCG, and Nifty Bank faced losses.
Hero Motocorp emerged as the leader among individual stocks, experiencing a remarkable surge of over 3%, followed by Tech Mahindra and TCS. On the flip side, Axis Bank, Power Grid, and Coal India were among the top losers within the Nifty 50.
In the broader market scene, positive performances were noted, with Coforge Ltd, KPIT Technologies, Manappuram Finance, and Cesc Ltd recording substantial gains. Conversely, Poonawalla Fincorp, Union Bank, Kalyan Jewellers, and Jyothy Labs Ltd faced declines.
Oil prices experienced a decline on Wednesday, with indications suggesting that the United States, the world’s largest oil producer, may have reached peak production. This offset positive signals for crude demand from China, leading to a decrease in Brent futures by 92 cents, reaching USD 81.55 per barrel. In the futures market, the Dollar index traded 0.30% higher at 104.36, while the value of one dollar remained around Rs 83.18.
The broader market sentiment indicates an optimistic trend, with 1045 advancing stocks compared to 967 declining stocks, signalling an overall positive sentiment in the broader market.
Disclaimer: This post has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.