Sensex, Nifty open at record highs on Monday
Jul 29, 2024
Mumbai (Maharashtra) [India], July 29 : Indian stock market indices opened with gains on Monday following the global rally. On the National Stock Exchange, the Nifty 50 index opened at 24,943.30, up by 108.45 points or 0.44 per cent, while the BSE Sensex gained 346.93 points or 0.43 per cent to reach 81,679.65 points.
In the broad market on the NSE, all indices, including the Nifty Midcap, Nifty Small Cap, and Nifty Next 50, opened in green. The sectoral indices also sustained the rally, starting the fresh week with gains.
The top gainers on the Nifty 50 list were NTPC, BPCL, ICICI Bank, IndusInd Bank, and SBI, while the top losers included Dr Reddy's Laboratories, Tata Consumer Products, Titan, Power Grid, and Bharti Airtel.
"Global cues have turned positive with the US markets going up on Friday on the back of an as per expectation US PCE Index print, that raised the market's expectations of a Fed rate cut on Sep 18th to 100 per cent. Asian markets followed the US lead, and the Indian market opened strongly," said Ajay Bagga, Banking and Market Expert.
He further added that "this week the market's movement will depend on results from Big Tech majors in the US. Overall markets have turned positive, but at all-time highs, the tolerance for any disappointment gets low."
Regarding quarterly earnings announcements, Bharat Electronics, Adani Total Gas, Colgate Palmolive (India), Hindustan Petroleum Corporation, Indian Bank, ACC, Adani Wilmar, KEI Industries, Pfizer, and New Delhi Television are among the companies that will announce their quarterly earnings today.
The markets during Friday's trading session recovered from the post-budget losses and closed in green after five consecutive trading day's losses. The Sensex closed at 81,332.72, up 1,292.92 points, or 1.62 per cent while the Nifty closed at 24,834.85 up 428.75 points or 1.76 per cent, after touching an high of 24,853.10 points.
In the other international markets, Japan's Nikkei and Topix gained 2.02 per cent and 1.52 per cent, respectively, and South Korea's Kospi and Kosdaq surged 0.8 per cent and 0.48 per cent.
US equities also closed up on Friday, driven by gains in tech stocks and positive inflation data. The Dow Jones rose 1.64 per cent, the S&P 500 increased 1.11 per cent, and the Nasdaq Composite was up 1.03 per cent.
