Indian stocks open strong; Experts predict market to push to new all-time highs
Aug 20, 2024
Mumbai (Maharashtra) [India], August 20 : Indian benchmark indices opened with gains on Tuesday following the rally in the Asian and US markets. Experts stated that the rally could push markets to new all-time highs.
The Nifty 50 index opened with a gain of 76.25 points or 0.31 per cent at 24,648.90 points, while the BSE Sensex surged by 297.86 points or 0.37 per cent to 80,722.54 points.
"Global cues remain positive, setting a bullish tone for the Indian markets as well. US markets have now rallied for 8 days in a row, recovering over USD 3 trillion of market cap from the August lows. With geopolitical tensions contained for now and with Japanese Yen carry trades returning to the markets, big clouds have been lifted from the risk horizon," said Ajay Bagga, Banking and Market Expert.
He further added, "We anticipate Indian markets to push for new all-time highs in this momentum. Huge inflows have been reported into global and US equity funds over the last week, which give strength to the markets."
In the Nifty 50 list at the opening, 46 stocks advanced while 3 declined, and one remained unchanged. In the broad market indices, Nifty Midcap Select led with a gain of 0.62 per cent, while the other indices Nifty Next 50 and Nifty Small Cap also followed the rally with a surge of around 0.3 per cent.
In the sectoral indices, Nifty Metal outshone the other sectoral indices with a gain of 0.69 per cent and emerged as the top gainer in sectoral indices. Meanwhile, Nifty Auto surged 0.44 per cent, and Nifty Bank was marginally up with a lead of 0.10 per cent.
In the Asian markets, Japan's stock market rallied on Tuesday. The Nikkei index surged with a gain of more than 1.65 per cent or 627 points to 38,015.87 points. Other Asian markets also surged with marginal gains. Taiwan's index, Taiwan Weighted, gained 0.28 per cent, South Korea's index, KOSPI, surged 0.84 per cent, and Indonesia's Jakarta Composite gained 0.75 per cent.
In the US markets, both the S&P 500 and Nasdaq closed with a surge of 0.97 per cent and 1.39 per cent on Monday.
The Indian benchmark indices Sensex and Nifty closed flat on Monday. The Sensex fell 12 points to 80,425, while the Nifty rose 31 points to 24,573. Nifty Bank fell 149 points to 50,368, while the Midcap Index gained 105 points to 57,761.
Later this week, investors will keep an eye on US Fed Chief Jerome Powell's speech at the Jackson Hole symposium.
