Mumbai: India’s front-line indices were not just trading at an all-time high on Friday in mid-session, but they were doing so amidst a wave of positive market sentiments following the US Fed rate cut. This optimism bodes well for the future of the market.
The Sensex and Nifty have shattered previous records, reaching new all-time highs of 84,213 and 25,716, respectively. This historic moment marks the first time the Bombay Stock Exchange (BSE) benchmark has traded over 84,000, a testament to the market’s resilience and growth.
At 11:16 a.m., Sensex was up 1,028 points or 1.21 per cent at 84,190, and Nifty was up 287 points or 1.13 per cent at 25,700.
The market trend remained positive. On the National Stock Exchange (NSE), 1,733 shares were green and 650 in red.
Sharp buying was also seen in mid-cap and small-cap stocks. The Nifty midcap 100 index was 527 points, or 0.89 percent, at 59,879, and the Nifty smallcap 100 index was 199 points, or 1.04 percent, at 19,344.
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Almost all sectoral indices were trading in the green. Auto, metal, realty, energy and FMCG were the major gainers.
In Sensex, JSW Steel, M&M, L&T, Maruti Suzuki, Tata Steel, Power Grid, ICICI Bank, Nestle, Bharti Airtel and Tech Mahindra were major gainers. TCS and Axis Bank were major losers.
According to the market experts, “The Dow and S&P 500 setting yet another record high yesterday is indicative of the strength of this ongoing global bull run led by the mother market, the US. The good labour market data from the US indicates that the labour market is only slowing, not deteriorating. With inflation under control, the US is set for a soft landing under a declining interest rate scenario. This is positive for global equity markets.”
“A significant trend in India is the outperformance of Bank Nifty, which is up two percent this week against Nifty’s rise of 0.2 percent. Weakness in the broader market due to valuation concerns is another important trend. These trends are likely to continue,” they added.
Foreign institutional investors (FIIs) turned net sellers on September 19, selling equities worth Rs 2,547 crore, while domestic institutional investors extended their buying by buying equities worth Rs 2,012 crore on the same day.
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–IANS
