On December 4, 2023, the Nifty Bank index achieved a significant milestone by reaching a new all-time high of 46,484.45 points after a span of 19 weeks. This surpassed the previous record set on July 21 at 46,369 points.
The index closed the trading day with a substantial rally, gaining 1,617 points (3.61%) and ending at 46,431 points. The surge in the index was primarily driven by a robust performance in the shares of key private players within the banking industry. All 12 index constituents concluded the trading session in the positive zone, posting gains ranging from 1.3% to 4.2%.
Experts believe that the momentum in the Nifty Bank index is likely to continue, with strong support identified in the 46,000–45,800 zone, which is expected to serve as a cushion for bullish sentiments in the market. The ongoing momentum rally has the potential to propel the index even higher towards the levels of 47,000 and 48,000 points.
However, it is noteworthy that the Nifty Bank index has delivered an 8.01% return, trailing behind the Nifty 50 benchmark index, which recorded a 14.26% return during the same period. The trading session on December 4, 2023, commenced with a considerable gap-up at 20,601 points for the Nifty 50 index.
The index continued to gain momentum throughout the day, reaching a new high of 20,702 points before settling at 20,686 points, reflecting a gain of 418.90 points (2.07%). Over the past 13 trading sessions alone, the Nifty 50 index has witnessed a remarkable surge of 1,242.45 points or 6.39%.
Additionally, the S&P BSE Sensex also achieved a new record high of 68,918.12 points on December 4, 2023, surpassing its previous peak of 67,927 points. The record-breaking rally has resulted in a surge in the market capitalization (m-cap) of NSE-listed companies, reaching the milestone of US $4.09 trillion. This reflects the overall strength and bullish sentiment prevailing in the Indian stock market.
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