Sensex and Nifty Stood High for the Second Day; See who leads!
The Sensex and Nifty hit high of all time with Sensex jumping to 550 points and Nifty gaining above 21,300, amid US Federal meet's decision to unchanged the interest rates. Nifty Metal and IT sectors were the top sectoral gainers , rising 1 percent each.
The positive outbreak of market shares funds with resilient features of Financial and IT sector companies reaching sky limits is surely marking a history for the nation. Some eminent PSU stocks are trailing on a good high wind and large-cap financials and IT are reasonably valued towards FII's favourite sectors.
The Nifty IT index soared 4 percent today led by TCS, Infy, HCL Tech. Market optimism strengthens on potential Fed pivot, falling US bond yields, and positive domestic trends in India. Expectations of a 2024 rate cut by the Federal Reserve, coupled with a recent drop in 10-year Treasury yields, are fueling a rally in equities, particularly in India, which benefits from the lower oil prices and an upgraded GDP forecast.
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A HISTORIC ACHIEVEMENT BY PNB MARKET CAP ABOUT HIGH STOCK MARKET POINTS;
PNB's market capital has surpassed the Rs. 1 lakh crore milestone in today's trade which makes it the third PSU bank to achieve this significant feat. It has emerged as a standout performer, showcasing remarkable resilience and performance and jumping to 2.33 percent, reaching a four-and-a-half-year high of Rs. 92 per share. At its highest price of Rs. 92, the market capitalisation of PNB reached Rs.1,01,292 crore.
Read Also : Shri Chitta Ranjan Mohapatra selected as Director in-charge (Bhilai Steel Plant), of SAILThe stock showed strength in four out of the last five months. The standout months were September, which saw a robust 27.03 percent gain, and July and November, with returns of 19.75 per cent and 6.30 per cent, respectively.
Meanwhile, another PSU bank, Bank of Baroda, also joined the Rs.1 lakh crore market capitalisation club on June 19, when its share value reached Rs.193.15 per share.
Read Also : Shri Surajit Mishra set to be next Director in-charge (Burnpur and Durgapur Steel Plants) at SAIL