FIRST TRADE: Sensex zooms over 600 pts, Nifty tops 19,600; IT, metals shine

Stock market today: Last seen, the Sensex was trading at 65,480.54 levels, up 547 points, or 0.84 per cent while the NSE's Nifty was trading at 19,612.90, up 169 points, or 0.87 per cent.

Representative image. Source: Pixabay

Stock market today: It was a solid start for the domestic equity market on Wednesday, November 15. The 30-share index Sensex jumped as much as 645 points to hit the day's high of 65,578.95 levels in the opening deals while the NSE's Nifty50 surged 209.8 points to hit the high of 19,653.35. All the sectoral indices were trading in the green with IT and metal stocks leading the pack.

Last seen, the Sensex was trading at 65,480.54 levels, up 547 points, or 0.84 per cent while the NSE's Nifty was trading at 19,612.90, up 169 points, or 0.87 per cent.

Commenting on the market, Dr. V. K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said that the October US inflation data is a game changer for the stock market. The 3.2 per cent October inflation print is lower than expected. More importantly, the mere 0.2 per cent MoM increase in core inflation is hugely positive.

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The takeaway from these numbers is that the Fed is done with rate hikes and the timeline for rate cuts in 2024 is likely to be advanced. The sharp recovery in US markets will be reflected in India, too. The short cover can add to the rally. FIIs are likely to turn buyers, lest they miss out on the rally in the best-performing large economy in the world. Leading financials, which were weighed down by FII selling, will bounce back. A decline in CPI inflation in India is also a favourable factor.

"Across sectors, a rally is likely. Financials, automobiles, real estate, cement, and platform digital companies will attract investment from DIIs, HNIs, and retail investors. The tug of war between FIIs and DIIs is clearly in favour of DIIs," the expert added.

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