Amidst optimistic global signals, equity benchmark indices-initiated trading on Friday with an upward trajectory during the initial hours of trading.
· The 30-share BSE Sensex surged to achieve an unprecedented peak, marking a historic milestone.
· While the Sensex stole the spotlight with its historic ascent, the Nifty index also registered a commendable growth trajectory, albeit more modest, as it gained 15.45 points
· Conversely, amidst India’s exuberant market performance, Asian markets witnessed a contrasting narrative, grappling with substantial declines across key indexes.
· In the realm of commodities, gold prices faced a significant downturn, plummeting to 71,500 rupees.
· On the currency front, the Indian rupee exhibited remarkable strength against the US dollar, appreciating by 12 paise to settle at 83.17.
· The Indian market’s stellar performance amid global volatility highlights its resilience and attractiveness to investors.
In a resounding display of market strength, the 30-share BSE Sensex soared to an unprecedented peak of 75,525.48 points during the early trading session on Friday, marking a remarkable uptick of 104.38 points. This surge, underpinned by positive global cues, underscores the growing confidence of investors in the Indian equity landscape.
While the Sensex stole the spotlight with its historic ascent, the Nifty index also registered a commendable growth trajectory, albeit more modest, as it gained 15.45 points to reach a commendable 22,983.10 points. This steady rise in the Nifty further reinforces the prevailing bullish sentiment prevalent in the market.
Conversely, amidst India’s exuberant market performance, Asian markets witnessed a contrasting narrative, grappling with substantial declines across key indexes. Japan’s Nikkei index bore the brunt of this downturn, plunging by over 1.17%. Similarly, Hong Kong’s Hang Seng and Taiwan Weighted Index experienced notable dips of 1.28% and 64 points, respectively. China’s Shanghai Composite Index followed suit, sliding to 3,110.09 points, reflecting the pervasive selling pressure gripping the region.
In the realm of commodities, gold prices faced a significant downturn, plummeting to 71,500 rupees. This sharp decline, exceeding 2,000 rupees in just three days, came in the wake of the US Federal Reserve’s revelation of its policy meeting minutes, signaling a lack of recent rate cuts.
On the currency front, the Indian rupee exhibited remarkable strength against the US dollar, appreciating by 12 paise to settle at 83.17. This upward trajectory was fueled by the bullish performance of domestic equities, with benchmark indices reaching unprecedented heights. Furthermore, the record dividend payout of Rs 2.11 lakh crore by the RBI for the fiscal year ended March 31 played a pivotal role in bolstering government revenue, surpassing initial expectations and providing a fiscal cushion ahead of a new administration’s tenure.
In summary, the Indian market’s stellar performance amid global volatility highlights its resilience and attractiveness to investors, positioning it as a beacon of stability amidst turbulent economic tides.
(With inputs from agencies)
