Following a historic trading session, all frontline indices reached unprecedented highs, marking a momentous event for financial markets. Bank Nifty, in particular, not only erased its underperformance but also hit a new record high, reflecting a positive turn of events.
However, global markets experienced a slight pullback, with US markets declining after five consecutive weeks of gains. The NASDAQ took the brunt of this, suffering a decline of 0.8%. Encouragingly, crude oil prices fell, with Brent futures trading around half a percent lower and hovering near the $78 per barrel mark.
In Indian markets, oil and gas stocks, banking stocks and capital goods stocks were the best performers, contributing to the overall robust performance. Meanwhile, the pharmaceutical and media sectors performed below average.
Looking ahead, investors are keenly watching today's services PMI data and await the Reserve Bank of India's monetary policy meeting earnings report scheduled for December 8. The current positive mood in the Indian markets is due to the clear results of the election polls in the states. As the day progresses, market participants are eager to see whether the rally will continue, especially given expectations of a flat start influenced by both Asian markets and the GIFT NIFTY.
First Published: December 5, 2023, 8:40 AM IST
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