Sensex and Nifty Extend Gains on Global Optimism: Market Update

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Sensex and Nifty Extend Gains on Global Optimism: Market Update

Team FS

22/Apr/2024

Key Points:

Market Optimism: The Sensex and Nifty 50 continue their upward trajectory for the second consecutive session, buoyed by positive global cues and easing tensions in West Asia.
Geopolitical Comfort: Lack of further escalation in tensions between Israel and Iran provides relief to investors, reigniting risk appetite in the Indian market.
Market Performance: Sensex closes 560 points higher, while Nifty 50 gains 189 points, with mid and smallcap indices outperforming the benchmarks.

Today's stock market update brings positive news for Indian investors as the Sensex and Nifty 50 build on their gains from the previous session, riding on a wave of optimism fueled by positive global cues and a calming of geopolitical tensions in West Asia.

One of the key factors contributing to market sentiment is the lack of further escalation in tensions between Israel and Iran, providing a sense of comfort to investors. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, notes that both sides appear to be avoiding an escalation, contributing to renewed risk appetite in the market.

The Sensex opened at 73,666.51, touching an intraday high of 73,767.80 and a low of 73,227.32 before closing 560 points higher at 73,648.62. Similarly, the Nifty 50 opened at 22,336.90, reaching an intraday high of 22,375.65 and a low of 22,198.15, ultimately ending the day at 22,336.40, up 189 points.

Notably, mid and smallcap indices outperformed the benchmarks, with the BSE Midcap index rising by 0.93% and the Smallcap index jumping by 1.26%. This surge in performance is indicative of broad-based optimism in the market.

Intraday trading saw nearly 240 stocks, including Bharti Airtel, Eicher Motors, Mahindra and Mahindra, and Siemens, hitting their fresh 52-week highs on BSE, reflecting the bullish sentiment among investors.

Moreover, the overall market capitalization of BSE-listed firms witnessed a significant rise to nearly ₹398 lakh crore from the previous session's ₹393.5 lakh crore, indicating a substantial increase of about ₹4.5 lakh crore in a single session. This surge in market capitalization highlights the growing confidence and wealth creation in the Indian stock market.

In conclusion, today's market update paints a picture of optimism and resilience in the Indian stock market, fueled by positive global cues and a reduction in geopolitical tensions. As investors continue to monitor market developments, the outlook remains positive, with opportunities for further growth and wealth creation on the horizon.

Also Read : US stock futures climb, with focus shifting to tech earnings and pivotal inflation data

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Sensex and Nifty Extend Gains on Global Optimism: Market Update

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