Stock Market Update: Bull run continues, Nifty reaches 18800 and Sensex touches 63284, Dalmia Bharat major gainers

Stock Market Update: After Federal Reserve Chair Jerome Powell hinted at reducing the pace of interest rate hikes “as soon as December,” Indian shares surged to record highs at the opening of trading on Thursday, following the significant gains in global equities.

Nifty IT, which increased by over 2.1% to nearly a seven-month high and followed the overnight rise in the heavily tech-weighted Nasdaq Composite, was the top sector gainer.

Nifty SmallCap 100 increased 0.6% in line with its larger rivals, while Nifty MidCap 100 underperformed, increasing only 0.3%.

Stock Market Update: Wall Street stocks

After Powell said it made sense to reduce the pace of rate hikes while cautioning the fight against inflation was far from finished, Wall Street stocks closed significantly higher overnight on Wednesday and the currency fell.

In reaction, Asian markets increased as well, with the MSCI Asia ex-Japan index rising 1.6%.

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According to data released on Wednesday, India’s economy expanded by 6.2% annually from July to September, following double-digit growth the previous quarter.

Increase in oil and medicare prices

A weaker currency and hope for a resurgence in Chinese demand helped oil prices rise, but gains were limited by the possibility that OPEC+ will maintain current production levels.

Shilpa Medicare experienced a gain of over 10% among individual equities, the largest gain in over six months, following Health Canada’s confirmation of the GMP status of the company’s Telangana production plant.

After negotiating a long-term contract for manufacturing detail parts with Spirit AeroSystems, Dynamatic Technologies saw a price increase of more than 4%.

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