This Thursday, the Indian markets provided a thrilling experience for investors, witnessing a remarkable surge in BSE Sensex by 929.60 points (1.34%), closing triumphantly at 70,514.20.
Following suit, Nifty 50 displayed its prowess, gaining 256.35 points (1.23%) to conclude energetically at 21,182.70.
Both benchmark indices achieved new all-time highs, propelled by a global rally triggered by the US Federal Reserve’s indication of the conclusion of its tightening cycle and the anticipation of a rate cut in March 2024.
Meanwhile, the Indian rupee, though putting up a strong fight, closed at 83.33 against the US dollar, with a modest 0.08% gain from the previous session’s close at 83.40.
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Impact on the stock market
Nifty IT and Nifty Realty took the lead in sectoral index gains, surging by 3.50% and 3.88%, respectively.
Meanwhile, Nifty Bank, Nifty Auto, and Nifty Oil & Gas experienced moderate rises of 1% to 2%. Conversely, Nifty Media and Nifty Consumer Durable concluded in red.
| Sector/Index | Performance |
| Information Technology | + 3.49% |
| Healthcare | + 0.14% |
| Oil & Gas | + 1.15% |
| Real Estate | + 2.86% |
| Banks | + 1.15% |
Top gainers today
| Company | Price | Change (%age) |
| Housing and Urban Development Corporation Ltd. | 111.35 | + 11.74% |
| Steel Authority of India (SAIL) Ltd. | 110.95 | + 7.45% |
| Sonata Software Ltd. | 776.30 | + 7.29% |
| MphasiS Ltd. | 2601.00 | + 7.22% |
| Info Edge (India) Ltd. | 5152.65 | + 7.04% |
Top losers today
| Company | Price | Change (%age) |
| Force India Ltd. | 770.65 | – 10.28% |
| Nippon Life India Asset Management Ltd. | 442.35 | – 3.76% |
| Max Financial Services Ltd. | 1018.30 | – 3.64% |
| Century Textiles & Industries Ltd. | 1243.55 | – 3.55% |
| Radico Khaitan Ltd. | 1644.70 | – 2.93% |
Market aftermath: Impact on stocks
S&P Global Ratings downgrades Vedanta resources to ‘CC’ amid $4.5 billion debt worries
S&P Global Ratings has downgraded Vedanta Resources‘ rating from ‘CCC’ to ‘CC’ amid concerns over an estimated $4.5 billion debt maturing by March 2025, emphasising the heightened likelihood of a conventional default.
The London-based parent company of Indian miner Vedanta faces restricted access to internal cash flow and external financing. This downgrade follows a series of rating downgrades since September, reflecting concerns about Vedanta Resources Limited’s substantial outstanding debt of $6.4 billion.
Despite securing a $1.25 billion loan, the firm is grappling with repayment deadlines, including $1 billion bonds due in January and additional maturities in 2024 and 2025.
Senco Gold Shines: A Dazzling 145% surge from IPO debut
Senco Gold, a prominent player in India’s jewellery retail sector, has emerged as a star performer in the IPO surge of 2023. Debuting at ₹405.3 per share on July 14, a 28% premium over the ₹317 issue price, the stock has soared, hitting an all-time high of ₹823.25 per share.
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Crude oil futures surge:
Crude oil futures rallied on Thursday morning, buoyed by the US Federal Reserve’s hints at interest rate cuts in 2024. Additionally, official data from the US revealed a decline in crude oil inventories.
Today, February Brent oil futures stood at $74.49, reflecting a 0.31% increase. January crude oil futures on WTI were at $69.59, up by 0.17%. On the Multi Commodity Exchange (MCX), December crude oil futures traded at ₹5801, a 0.35% rise from the previous close, while January futures were at ₹5847, up by 0.39% from the previous close of ₹5824.
Conclusion
In a thrilling market spectacle, BSE Sensex and Nifty 50 stole the spotlight with impressive gains, leaving investors on a rollercoaster ride. Nifty IT and Nifty Realty led sectoral surges, while Senco Gold’s dazzling 145% premium post-IPO wowed investors.
Vedanta faced a credit downgrade, and crude oil futures surged on Fed hints. A day packed with financial highs and lows!
