Growth is expected in the stock market even further, according to Goldman Sachs, Nifty can reach the mark of 20500 in the year 2023. That means more than 10 percent growth is possible in this.
Market at record high
Today, the stock market has touched its new all-time high due to the brisk buying in IT sector stocks today. Today, on the day of expiry, Sensex and Nifty have registered new record levels due to the sharp buying at the end of the business. thursday business Sensex closed at 62,272.68 with a gain of 762 points. On the other hand, Nifty closed at 18484 level with a gain of 217 points. All-round growth has been seen in the stock market today. However, the maximum growth was recorded in the IT sector. With today’s increase, the total market cap of all the companies listed on BSE has reached close to Rs 284 lakh crore.
how was business today
There was an increase in the stock market from this morning’s business itself. However, at the end of the trading, there was a sudden sharp buying and the Sensex reached the day’s highest level of 62,412.33 and Nifty 18,529.70. These are the highest levels of both the indexes till date. Buying was seen in all sectoral indices in the business, although the performance of heavyweight stocks was better today. Nifty 50 registered the highest gain in the broad market. The index closed with a gain of 1.19 percent. Nifty 100 gained 1.05 percent and was the second broad market index other than Nifty to gain more than 1 percent.
The IT sector has been the biggest stock in the growth of the market. The Nifty IT index has closed up by 2.63 percent. Financial services and oil and gas sectors were other such indexes where the increase was more than 1 percent. All the other sector indices have closed with gains but their gains have been less than one per cent.
Why did the market rise
Today’s rise in the stock market is due to the purchases made by IT giants. Large cap stocks have gained the most in the market today, in that also the purchase was highest in the IT sector. 5 of the 6 top gainers in the Sensex have been from the IT sector, heavyweight stocks that have a significant impact on the index like TCS, Infosys have risen by 2 to 3 percent. On the other hand, Wipro, Tech Mahindra have also seen a gain of more than 2 percent today.
Further forecast of 12 percent gain in Nifty
The market has been in an upward trend for some time now. Along with maintaining confidence in the Indian economy, the sentiments among investors have improved due to softening of strict stance by the central banks and buying has also been seen in the Indian markets. At present, foreign brokerage houses are also forecasting growth in the Indian markets. Brokerage house Goldman Sachs has predicted that the stock market will continue to grow in the year 2023 as well.
Regarding the Indian stock market, Goldman Sachs also said in the report that by December 2023, the Nifty of the National Stock Exchange could reach the level of 20,500 points. With this, investors can get a return of up to 12 percent. The brokerage company, however, has not given any target for the BSE Sensex. However, due to the same direction of Sensex and Nifty, growth is expected around this figure in Sensex as well.