Sensex and Nifty Reach New Milestones
On Tuesday, September 24, the BSE Sensex broke past the 85,000 mark for the first time during early trading hours, reaching an all-time high of 85,023. At the same time, the Nifty 50 index neared the 26,000 level, hitting a fresh high of 25,971. By 10:21 AM, Sensex was trading at 85,006.61, a gain of 78 points, while Nifty stood at 25,964.25, up 25.20 points. This surge follows last week’s US Federal Reserve rate cut, which has bolstered global markets.
Steady Upward Momentum
The Sensex’s remarkable climb from 80,000 to 85,000 has occurred in less than 12 weeks, with the index crossing 84,000 just four days ago. Tuesday’s gains were driven primarily by strong performances from Tata Steel, JSW Steel, and Power Grid. However, there were some laggards, including Hindustan Unilever, Infosys, and Bajaj Finance. The BSE Metal index gained 2%, while oil, gas, and power sectors saw modest increases of 0.5% each. The IT sector, however, faced a decline of 0.5%.
Market Experts Weigh In
Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted two key trends: ongoing geopolitical tensions in West Asia and the upward movement of crude oil and gold prices. He noted that while the global situation remains volatile, market sentiment remains bullish. Market expert Ajay Bagga also pointed to high volatility due to the upcoming derivatives expiry and geopolitical concerns. However, he emphasized that global rate cuts might continue to support the Indian market.
Outlook for Sensex and Nifty
Varun Aggarwal, MD of Profit Idea, suggested that the upward trend remains intact, with no signs of market fatigue. He predicts that Nifty could aim for a target of 26,250, based on technical analysis, continuing the pattern of higher highs and lows.
Despite global uncertainties, the Indian markets seem poised for further gains in the near term.
(With inputs from agencies)
