By S Jha
New Delhi, December 28: Indices soared higher in the Thursday session while tracking the global positive cues. The coordinated actions against the Houthi rebels based out of Yemen who had been firing missiles on ships in the Red Sea cooled off the crude oil prices. The December series also closed on a high note with frontline stocks giving a fresh momentum to the indices.
Sensex closed with gains of 371 points while Nifty netted 123 points to stay a kiss away from the level of 21800. The Jnauary series will commence from Friday on bullish note. The strong gains in the street belied the widely held notion that the equity markets in India strike brearish notes in the month of December. Also, the markets proved pundits wrong who have been arguing that the foreign institutional investors sell heavily in the last fortnight of December.
If the metal and the auto sectors had helped the indices to spurt to higher levels in the yesterday session, it was the turn of the power sector in the Thursday session. Powergrid Corporation led from the front, and the scrip also broke out of the 56-week high. NTPC once more proved that the scrip is a dark horse on the street as it also almost touched the level of Rs 315.
It was Coal India which again extended gains on the street, closing above the level of Rs 380 on Thursday. The PSU behemoth commands a PE of just eight in the market where the public sector companies have been on furious run. Coal India has been maintaining bullish notes for the past few days, and the scrip appears to have come to the attention of the investors in a big way, claim the market participants.
With the crude oil prices cooling off, the oil marketing firms were riding rockets in the Thursday session as the likes of Hindustan Petroleum, GAIL, BPCL, and others posted handsome gains on the street. On the other hand, aluminum and copper firms also extended their gains, and Hindustan Copper was heavily bought on the street as it posted a gain of almost 15 per cent in the Thursday session.
With just one trading session left this year, Nifty will almost be posting a gain of 20 per cent in 2023. Bank Nifty will be posting a gain of about 12 per cent in 2023. Sensex will also be posting a gain of almost 19 per cent. (Disclaimer: This post in no way suggests buy or sell of any stock, and one must always consult SEBI-registered advisors for making any investment decision).
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