On Friday, December 15, the BSE Sensex witnessed a remarkable surge, soaring nearly 1,000 points to settle at 71,483.75, while the Nifty 50 closed 273 points higher at 21,456.65. Both indices achieved new all-time highs during the day, with the Sensex touching an intra-day peak of 71,605.76 and the Nifty 50 crossing the 21,400 mark.
This bullish trend continued with robust global cues, propelled by the US Federal Reserve’s signal of concluding its tightening cycle and expectations of a rate cut in March 2024.
Meanwhile, Bank Nifty hit an all-time high of 48,000 on December 15 after HDFC Bank stock gained in the last hour of the trading session due to the FTSE recalibrations.
Simultaneously, the Indian rupee marked its most substantial single-day gain in over eight months, closing at 83 against the US dollar, driven by substantial dollar inflows and a robust rally in domestic equities.
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Impact on the stock market
The high-weightage information technology (IT) index gained about 4.56% and was among the top sectoral gainers.
The metal index gained 1.8 %, aided by a jump in global metal prices as the US dollar came under pressure following the Fed’s dovish commentary on future rate trajectory.
| Sector/Index | Performance |
| Information Technology | + 4.56% |
| Healthcare | + 0.16% |
| Oil & Gas | + 1.23% |
| Real Estate | – 0.6% |
| Banks | + 0.86% |
Top gainers today
| Company | Price | Change (%age) |
| HCL Tech | 1,491.30 | + 5.42% |
| TCS | 3,861.00 | + 5.28% |
| Infosys | 1,578.40 | + 5.13% |
| SBI | 648.25 | + 3.94% |
| Adani Enterprises Ltd. | 2,991.80 | + 3.38% |
Top losers today
| Company | Price | Change (%age) |
| Nestle India | 24,366.40 | – 1.72% |
| HDFC Life Insurance | 673.10 | – 1.67% |
| Bharti Airtel | 992.55 | – 1.26% |
| SBI Life Insurance | 1,452.50 | – 1.18% |
| Bajaj Auto | 6,275.20 | – 0.94% |
Market aftermath: Impact on stocks
DOMS IPO closed today:
DOMS IPO, set to close today, has witnessed a robust response from investors, with a subscription of 56.61 times on the third day. The retail portion is oversubscribed by 63.85 times, reflecting strong demand.
Notably, the grey market premium (GMP) for DOMS IPO has surged to ₹502 today, rising ₹51 in the first two days. The IPO, valued at ₹1,200 crore, offers shares at ₹750 to ₹790 per share. With the T+3 listing mandatory from December 1, the expected allotment date is December 18, and the listing is likely to be on December 20, 2023.
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Texmaco rail achieves new heights:
Texmaco Rail and Engineering witnessed a 10% surge, reaching a 52-week high of Rs 188.95, following its lucrative Rs 1,374.41-crore order win from the Ministry of Railways.
This major development comes on the heels of the company successfully raising Rs 744 crore through a Qualified Institutional Placement in November. Texmaco’s joint venture secured an additional Rs 179.89-crore order in October.
India’s liquid fuel consumption set to surge:
According to the US Energy Information Administration’s (EIA) short-term energy outlook (STEO), India’s liquid fuel consumption, encompassing crude oil and refined petroleum products, is anticipated to witness an average growth of 0.3 million barrels per day (mb/d) in 2024.
The global scenario suggests an overall increase in liquid fuel consumption by 1.8 mb/d in 2023 and 1.3 mb/d in 2024. The primary contributors to this surge are non-OECD Asian nations, with China and India at the forefront.
Also Read: Fueling India’s growth engine: Evolution and outlook of oil & gas industry
Conclusion
In a week filled with market highs, the Indian indices moved to the global tune, hitting new records. The Sensex and Nifty rode the crest of a bullish wave, celebrating stellar performances.
The rupee joined the party, delivering its best day in eight months, and India’s anticipated fuel consumption surge added to the vibrant market vibes.
Cheers to a week of triumphs and promising prospects!
