Domestic indices rise for 5th consecutive day on a row, Nifty 50 hits 1.5 month high

The domestic equity market ended higher for the fifth consecutive session on Thursday, with the Nifty closing at 24,708, marking its highest level since October 21, up by 241 points. The Sensex surged 810 points to settle at 81,766, crossing the 82,200 mark intra-day.

Market participants awaited the result of the RBI’s Monetary Policy Committee meeting outcome on Friday. “Tomorrow’s (Friday’s) MPC is a major event this time, and if there is a surprise 25 bps cut, we may see one-year forward premium falling below 1.90% (on an annualised basis),” a dealer with a state-owned bank told Cogencis Information.

Investors are closely monitoring comments from US Federal Reserve Chair Jerome Powell and US jobs data which are due later in the day.

The Midcap Index gained 329 points, closing at 58,442, while the Nifty Bank advanced 337 points to 53,604. The IT Index hit a record high, rising more than 2%, with Infosys and TCS emerging as top gainers in the sector.

In individual stock movements, Bajaj Auto slipped despite the company’s clarification regarding the Freedom 125 bike. Insurance stocks reversed Wednesday’s gains, with SBI Life and HDFC Life among the biggest losers on the Nifty.

On the other hand, Indus Towers rose nearly 2% after Vodafone Plc sold a 3% stake in the company. Indraprastha Gas Ltd (IGL) surged 6% following news that the company would consider its first-ever bonus issue on December 10.

HEG saw a decline of 6% from its highs after profit booking and the transfer of an 11% stake. Meanwhile, Juniper Hotels gained nearly 4% after CLSA initiated a Buy call on the stock.

The BSE index hit an all-time high, jumping 12% with healthy trading volumes. Zomato and Swiggy rose by up to 5%, reaching record highs. Market breadth remained positive with an advance-decline ratio of 1:1.