It was a buoyant Wednesday afternoon for the Indian benchmark where everything seems floating.
The Nifty stocks pulled off a gutsy performance on a slightly volatile January-11 session as the index shrugged off uncertainties brought up by the upcoming Donald Trump policies and further economic reforms from its own government to shatter the 8350 level and finished at another record high.
Floating in Cloud Nine
The Indian stock market jumped sharply by 1.11%, adding 92.05 points, to end at its best settlement in two months at 8380.65, marking the index’s first close to surpass the 8350 mark since November 10.
In the early trading, it hit an intraday high of 8389.00 but gave up few gains at the close.
The driver of the Wednesday surge remained to be the metal stocks as hectic buying in the metals pace pushed the global commodity higher, giving the Nifty Metal Index some breathing grounds to collect 4.42%, following the Tuesday gain of 1.4%.
Banking stocks also provided a lift to the Nifty 50 as the Nifty Bank Index registered 2.28% increase, with the BSE Bankex contributing most gains at 2.4%, alongside the healthcare, automobile and capital goods shares, which also ended in a bullish note.
Meanwhile, shares of technology stocks were mostly lower.
Markets turned their focus on the much-awaited news conference of President-elect Donald J. Trump, who is expected to give views on his trade and economic policies.
Furthermore, comments from the World Bank that demonetization will boost the Indian economy also powered the stock market, prompting Prime Minister Narendra Modi to push continued reforms on the economy.