What happened in the Indian stock market today?

The Sensex and Nifty 50, driven by widespread buying, closed at record highs. Nifty 50 opened at 21,497.65, reaching a new peak of 21,675.75, while the Sensex hit 72,119.85 from its opening at 71,492.02. 

The Sensex closed with a substantial gain of 702 points (0.98%) at 72,038.43, and Nifty 50 closed at 21,654.75, up by 213 points (1%). This historic closure marked the first time the Sensex surpassed the 72,000 level. December witnessed an impressive 8% surge for both indices. 

Concurrently, the rupee weakened by 16 paise to settle at 83.35 against the US dollar, influenced by persistent foreign fund outflows and increased demand for the American currency amid concerns about volatile crude oil prices and potential disruptions in global trade through the Red Sea route.

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Impact on the stock market

Barring Nifty Oil & Gas (down 0.29%), all sectoral indices ended higher on Wednesday.

Nifty Bank hit its fresh record high of 48,347.65 before closing 1.17% higher at 48,282.20.

Nifty Auto jumped 1.51%, while the Metal index rose 1.39%.

Top gainers today

Top losers today

Market aftermath: Impact on stocks

India’s stock market triumphs: 

India’s stock market has outshone the top 10 global markets, boasting a market capitalisation of $4.16 trillion and a remarkable 24.8% surge in valuation this year. 

Despite challenges like higher interest rates, geopolitical tensions, and volatile crude oil prices, Indian equities excelled, marking the fifth consecutive year of growth.

TotalEnergies invests $300 million in Adani Green

French energy giant TotalEnergies has invested $300 million in a joint venture (JV) with Adani Green Energy Ltd (AGEL), acquiring a 50% stake in AGEL subsidiary for a 1,050 MW renewable energy portfolio in India. 

The JV(joint venture) includes operational (300 MW), under-construction (500 MW), and under-development assets (250 MW).

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Arka Fincap achieves resounding success: 

Arka Fincap Limited, a non-bank lender backed by the Kirloskar group, witnessed an overwhelming response to its public issue of secured redeemable non-convertible debentures (NCDs), raising over ₹ 308 crore. 

The NCDs, with a credit rating of CRISIL AA-/Positive, attracted participation from 3,000 investors across diverse segments. The 36-month tranche, constituting 70% of the total demand, was oversubscribed by more than 100%.

Cement stocks rally to record highs

Cement stocks experienced a surge on December 27 after Nomura upgraded Ultratech Cement, Dalmia Bharat, and Ramco Cement from Neutral to Buy. 

Ultratech Cement reached a 52-week high at ₹ 10,434.35, witnessing a 4% gain and pushing its market cap beyond ₹ 3 lakh crore for the first time. Dalmia Bharat rose nearly 4%, and Ramco Cement gained 3%. The market cap of UltraTech Cement now stands at ₹ 3.01 lakh crore, making it the 20th largest company in India.

Oil prices retreat slightly 

Oil prices retreated in early Asian trading on Wednesday, giving up some of the previous session’s robust gains. Brent crude futures declined by 18 cents (0.22%) to $80.89 per barrel, while U.S.

WTI crude futures slipped 22 cents (0.29%) to $75.35 a barrel by 0101 GMT. Major shipping firms returned to the Red Sea despite continuing attacks and rising tensions in the Middle East.

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Conclusion

In today’s dynamic market, Indian equities maintained their winning streak with record-breaking highs for the Sensex and Nifty 50, driven by robust buying. The overall market sentiment remained positive despite the rupee’s marginal dip against the US dollar.

The market showcases resilience and potential for continued growth in the coming year. Stay tuned for more exciting market updates at StockGro!