The Indian stock market witnessed a strong rally today, with the Sensex ending 355 points higher and the Nifty crossing the 19,500 mark. The Smallcap stocks stole the show as they outperformed the broader market indices. All sectors closed in the green, reflecting the positive sentiment among investors.
The Sensex, the benchmark index of the Bombay Stock Exchange (BSE), closed at 60,500, up 355 points or 0.59%. The Nifty, on the other hand, ended the day at 19,536, up 103 points or 0.53%. The smallcap index surged 1.5% today, led by strong buying in stocks across sectors.
Investors cheered the positive global cues and the easing of concerns over the Omicron variant of COVID-19. The markets also reacted positively to the government’s recent announcement of several reforms and stimulus measures to boost economic growth.
Among the sectors, banking, IT, and metal stocks were the top gainers, contributing significantly to the overall market rally. The banking sector witnessed strong buying, with major banking stocks registering substantial gains. The IT sector continued to perform well, supported by the strong demand for technology services. Metal stocks also surged, benefiting from the global rally in commodity prices.
Market experts believe that the positive momentum in the stock market is likely to continue in the coming days. The improving economic indicators, along with the supportive measures from the government, are expected to drive the market higher.