Bulls back with a bang, Sensex tops 72K-mark for first time

Mumbai: With a massive rally of 701 points, Sensex soared to new highs by crossing the 72,000 points mark for the first time on Wednesday.

At close on Wednesday, Sensex was up almost 1 per cent, or 701 points, at 72,038.43, while Nifty hit record high of 21,654.75, registering an increase of 1 per sent or 213 points.

Ultratech Cement was up 4 per cent, while Hindalco was also up 4 per cent.

Metal stocks were strong in trade on Wednesday and apart from Hindalco, JSW Steel was up 3 per cent. Tata Steel was also up more than 1 per cent, while Tata Motors was up 3 per cent.

Vinod Nair, Head of Research at Geojit Financial Services, said the upbeat domestic market continued reaching new record highs and easily recovered last week’s losses. This upward trend was predominantly supported by the Santa Claus rally in anticipation of early rate cuts by the US Fed and cooling global inflation.

Additionally, the news of major shipping companies resuming operations on the Red Sea despite ongoing tensions further bolstered domestic sentiments, he said.

Rahul Sharma, Head of Technical & Derivative Research at JM Financial Services, said, “After a brief midweek panic last week, bulls are back with a bang albeit with some caution. India VIX has touched a new high on multi-month time frame indicating possibility of some volatility as we approach the monthly expiry. FII’s have been buyers in the last couple of sessions in Index options while they continue to stay long in the index futures segment.”

IANS

RBI gives go-ahead for forward contracts in Govt securities

Mumbai: The Reserve Bank Governor announced on Friday that the RBI will be introducing forward contracts in Government securities for which the directions will be issued shortly. “We have been...

RBI raises real GDP growth forecast to 6.7 pc for 2025-26

Mumbai: The Reserve Bank of India (RBI) on Friday raised the country’s real GDP growth forecast to real GDP growth for 2025-26 to 6.7 per cent, as it expects a...

RBI cuts repo rate by 25 basis points to 6.25 per cent to spur growth

Mumbai: The Reserve Bank of India's (RBI) six-member Monetary Policy Committee (MPC) on Friday cut the repo rate by 25 basis points to 6.25 per cent. RBI Governor Sanjay Malhotra...

SBI Research expects RBI to announce 0.25 per cent rate cut on Feb 7

New Delhi: SBI economists expect the RBI to announce a 0.25 per cent rate cut in the monetary policy committee meeting on February 7. As the fiscal stimulus of Budget...

Old vs New Tax regime: What has changed for middle class in Budget 2025-26

New Delhi: In a major move to ease the tax burden on middle-class taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced fresh tax slabs under the New Tax regime in...

Budget offers a lot to Delhi voters to cheer about

New Delhi: The Narendra Modi government on Saturday complied with the Election Commission of India's directive not to announce any Delhi-specific schemes or sops in the Union Budget 2025-26 yet...

Budget impact: Smartphones and EVs to get cheaper; TVs, fabrics to get costlie

New Delhi: Union Finance Minister Nirmala Sitharaman, presenting the Budget 2025-26 on Saturday, introduced some key changes in basic customs duties (BCDs) that will impact the prices of various goods....

One crore people will benefit from revised slabs, pay no tax: FM Sitharaman

New Delhi: Union Finance Minister Nirmala Sitharaman, in her first post-Budget press conference, said that the revision in tax slabs as announced in the Union Budget 2025-26 will leave 'enough...

BJP, Congress failed Telangana: KTR criticises Union Budget 2025

Hyderabad: Bharat Rashtra Samithi (BRS) Working President K.T. Rama Rao criticised the Union Budget 2025-26, alleging that the BJP and the Congress have failed Telangana. Demanding an apology from the...

‘Karnataka received nothing’: CM Siddaramaiah slams Union Budget 2025

Mysuru: Criticising the Union Budget 2025, Karnataka Chief Minister Siddaramaiah dubbed it as a disappointing one, detrimental to the state's welfare. "Not a single demand we raised in the pre-Budget...

Budget a political document against federalism: Pinarayi Vijayan

Thiruvananthapuram: Coming down heavily on the Union Budget, Kerala Chief Minister Pinarayi Vijayan on Saturday termed it as nothing but a political document and against federalism.   “This budget is...

Union Budget concentrated on poll-bound states: Sukhbir Badal

Chandigarh: Shiromani Akali Dal (SAD) leader Sukhbir Singh Badal on Saturday said it was unfortunate that the Union Budget 2025-26 did not go in for inclusive development of the nation...

Read Previous

Centre directs social media subsidiaries to ban ads of illegal betting, loan apps

Read Next

Indian food firm in Singapore charged after live cockroaches found in premises

WP2Social Auto Publish Powered By : XYZScripts.com