Market Overview: Sensex Hits Record High, Nifty Climb Continues

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📷 Image Credits: The Times of India

The Stock market indices BSE Sensex and Nifty50 have opened the day on a positive note, with both hitting new highs. Sensex jumped by 200 points, trading at 77,460.52, while Nifty is above 23,600 levels. This positive movement comes after Wall Street’s surge and a 3 per cent drop in WTI oil prices, fueling the bull market at Dalal Street. Major gainers on Sensex include Reliance Industries, ICICI Bank, Power Grid, Infosys, NTPC, and more. Tech Mahindra, TCS, and UltraTech Cement are also leading the gains. On the other hand, the fall of fintech firm Paytm’s shares by 20 per cent has sparked interest among investors.
The market close highlights show that stock futures are pointing to modest gains in Europe after chipmakers witnessed a rally in Asia and the US experienced another record-breaking session. The MSCI Asia Pacific Index rose 1%, boosted by South Korea and Taiwan. Apple Inc.’s AI plans are expected to benefit its suppliers, said Aisa Ogoshi, a portfolio manager at JPMorgan Asset Management. Hong Kong stocks have rebounded, while mainland Chinese shares are on the downside. Meanwhile, China’s 10-year bond futures have risen to a record intraday high amidst a bullish trend in the country’s debt market.
The Sensex and Nifty, after opening at record highs, were trading mixed. However, traders booked profits as Sensex touched a low of 76,954.87 before closing at 77,337.59, up 0.05%. Similarly, Nifty, after touching a record high of 23,664.00, closed at 23,516, down 0.18%. Bank and financial services indices surged ahead, led by private sector banking stocks. Across sectors, consumer durables, oil & gas, pharma, healthcare, metal, and FMCG were among the top sectoral losers for the day.
Indian benchmark indices remain in positive territory, underpinned by the rally in AI-focussed chipmaker stocks. Hyundai Motor India’s forthcoming IPO, the acquisition of equity in Ebix Inc., and the award of mines for coal extraction from closed underground mines by Coal India are key developments in the market. Investopedia discusses an increasing trend of young investors making substantial profits in the stock market. The market outlook remains positive despite profit booking at higher levels. It is an opportune time for investors to stay vigilant and make informed decisions as the markets retain their upward trajectory.