Thursday, October 10th, 2024

Sensex and Nifty hit all-time highs amid global optimism; Sensex crosses 85,000 mark


The stock market opened flat on Tuesday, but on global optimism the Sensex soon crossed the 85,000 mark to reach 85,001.42 and the NSE touched an all-time high of 25,975.

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Market expert Ajay Bagga says, “Indian market futures are pointing towards a positive opening. However, volatility will remain high on Thursday given the month-end and quarter-end derivative expiries. The US dollar is strong and gold is seen as a safe investment given the geopolitical tensions in West Asia.”

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However, Bagga said that with major global economies cutting interest rates, the Indian market may follow global trends.

Ajay Bagga said, “Hong Kong and Chinese stocks rose after the Chinese PBOC cut interest rates, reduced bank reserves and announced some stimulus measures to boost its property market and economy. US markets had a positive day on Monday, as senior Fed speakers reiterated support for more interest rate cuts in the future. Geopolitical tensions are rising with Israel bombing Hezbollah units based in Lebanon. Eurozone growth numbers remained sluggish.”

Bank, auto, financial services, media, metal, pharma, healthcare, consumer durables and oil & gas sectors opened in the green on the National Stock Exchange (NSE).

On the other hand, financial services, FMCG, IT, PSU banks, private banks and realty sector stocks opened in the red.

Top gainers in the early hours were Tata Steel, JSW Steel, Hindalco, Power Grid and Nestle India, while top losers were Infosys, Bajaj Finance, Wipro, Hindustan Unilever and Divi's Labs.

Varun Agarwal, MD, Profit Idea, said, “Despite hitting new peaks, there are no signs of reversal or fatigue in the market at this point in time. The established pattern of higher peaks and higher lows remains intact, which suggests that the index can achieve a target of 26,250 aligned with the 1.618 percent Fibonacci extension.”

“Market sentiment remains optimistic, with price expected to move towards 26,200 in the near future. Key support is expected around 21-EMA (Exponential Moving Average) at 25,700,” he added.



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