Amid global optimism, Sensex and Nifty record all-time high; Sensex crosses 85,000 mark
Sep 24, 2024
New Delhi [India], September 24 : The stock market on Tuesday opened on a flat note but immediately Sensex crossed the 85,000 mark at 85,001.42 and NSE touched all-time high of 25,975 points mainly on account of global optimism.
Market expert Ajay Bagga says, "Indian market futures are pointing to a positive open. However, volatility will be high , given the month-end and quarter end derivatives expiry on Thursday. The US dollar is firm and Gold is seeing buying as a safe haven given the geopolitical tensions in the West Asia."
However, Bagga added that with a rate cut by major global economies, the Indian market may follow global trends.
"Chinese PBOC announced rate cuts, bank reserve cuts and some stimulus measures to boost its property market and economy. Hong Kong and China shares are rallying post that . US markets marked a positive day on Monday as Fed senior speakers reiterated support for further rate cuts in the future. Geopolitical tensions are escalating with Israel's bombing of Hezbollah units based in Lebanon. Eurozone growth numbers were muted," said Ajay Bagga.
Among the sectors at the National Stock Exchange (NSE), Bank, Auto, Financial Services, Media, Metal, Pharma, Healthcare, Consumer Durables, and Oil and Gas opened in the green territory.
On the other hand, the sectoral stocks of Financial Services, FMCG,, IT, PSU Banks, Private Banks and Realty opened in red.
The top gainers in the initial hour of the market are Tata Steel, JSW Steel, Hindalco, Power Grid and Nestle India, while the stocks of Infosys, Bajaj Finance, Wipro, Hindustan Unilever, and Divis Labs were the top losers.
"Despite reaching new highs, there are currently no signs of reversal or market fatigue. The established pattern of higher highs and higher lows remains intact, suggesting that the index may aim for a target of 26,250, aligned with the 1.618 per cent Fibonacci extension," said Varun Aggarwal MD, Profit Idea.
"Market sentiment remains optimistic, with a projected upward movement toward 26,200 in the near term. Key support is anticipated around the 21-EMA (Exponential Moving Average) at 25,700," he added.
