The market experienced broad-based buying, leading to a significant increase in the combined market capitalisation of BSE-listed firms which surged by 7 trillion to reach ₹457 trillion.
Market participants said this sharp rally could be seen as a signal that investors have moved beyond the initial disappointment from recent hikes in capital market taxes. Instead, they are focusing on optimistic macroeconomic factors, such as an improved growth outlook and the potential for early interest rate cuts by central banks.
The Nifty 50 index rose 1.7 per cent, or 429 points, to close at a record high of 24,835. The Sensex ended at 81,333, marking an increase of 1,293 points, or 1.6 per cent.
This performance represented the best single-day advance for both indices since June 7, and also helped them recover previous losses, allowing them to secure their eighth consecutive weekly gain the longest winning streak for the Sensex since January 2021, and for the Nifty 50 since January 2018.
Over the week, the Sensex advanced by 0.9 per cent, while the Nifty rose by 1.2 per cent.
This story is from the July 27, 2024 edition of Business Standard.
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This story is from the July 27, 2024 edition of Business Standard.
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