November 30, 2022

Share market hits new record highs due to rise in IT stocks The market hit a record high due to the IT booster, with total investor assets crossing Rs 283 lakh crore

Expecting more growth in the stock market, according to Goldman Sachs, the Nifty may touch the 20500 mark in 2023. That means more than 10 percent growth is possible.

Markets at record highs

Stock market touched its all-time high today due to heavy buying of IT sector shares. Today, on the day of expiry, Sensex and Nifty registered fresh record levels due to sharp buying at the end of trade. In Thursday’s trade, the Sensex rose 762 points to close at 62,272.68. On the other hand, Nifty rose 217 points to close at 18484 level. Overall growth has been seen in the stock market today. However, the highest growth was recorded in the IT sector. With today’s growth, the total market cap of all companies listed on BSE has reached close to Rs 284 lakh crore.

How was business today?

The share market has fallen since this morning. However, at the end of trading, there was sudden sharp buying and the Sensex hit the day’s high of 62,412.33 and the Nifty at 18,529.70. This is the highest level ever for both indices. While heavyweight shares performed well today, all business sector indices saw buying. The Nifty 50 registered the highest gain in the broader market. The index closed with a gain of 1.19 percent. The Nifty 100 gained 1.05 percent and the second broad market index excluding the Nifty gained over 1 percent.

IT sector has been the biggest stock in the market growth. The Nifty IT index closed up 2.63 percent. Financial services and the oil and gas sector were other such indicators where growth was over 1 percent. Other sector indices closed with gains but their gains were less than one percent.

Why did the market rise?

Today’s rise in the stock market is due to the buying of IT giants. Large cap stocks were the biggest gainers in the market today, with the IT sector also the biggest gainer. 5 of the 6 top gainers in the Sensex came from the IT sector, with heavyweight stocks that have significantly impacted the index like TCS, Infosys rising 2 to 3 percent. On the other hand, Wipro, Tech Mahindra also saw gains of over 2 percent today.

A further 12 percent gain in the Nifty is forecast

The market has been in an upward trend for quite some time now. Apart from maintaining confidence in the Indian economy, softening of the central banks’ tightening stance has improved sentiment among investors and Indian markets have also seen buying. Currently, foreign brokerage houses are also predicting growth in the Indian market. Brokerage house Goldman Sachs predicts that the stock market will continue to grow in 2023.

Regarding the Indian stock market, the Goldman Sachs report also said that by December 2023, the National Stock Exchange’s Nifty could reach the level of 20,500 points. Through this, investors can get up to 12 percent return. The brokerage firm, however, did not give any target for the BSE Sensex. However, given the same direction of Sensex and Nifty, Sensex is also expected to rise around this number.

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