The Indian stock market is on fire today! BSE Sensex and Nifty50, the country’s equity benchmark indices, reached new all-time highs in early trading on Tuesday. The Sensex climbed above 79,800, inching closer to the 80,000 mark, while the Nifty50 also surpassed 24,200. As of 9:22 AM, the BSE Sensex was trading at 79,643.46, up 167 points or 0.21%, and the Nifty50 stood at 24,190.55, up 49 points or 0.20%.
This positive trend in the domestic markets is expected to continue, driven by hopes of a rebound in discretionary spending. Investors are closely watching the upcoming US job data and the Fed Chair’s speech for clues on interest rates, according to Vinod Nair, Head of Research at Geojit Financial Services.
Technical analysis indicates that the Nifty’s underlying trend remains bullish, with the market eyeing the next upside target of 24,400 levels in the near future. Immediate support is at 23,980 levels, as per Nagaraj Shetti of HDFC Securities.
In global markets, S&P 500 futures are steady, while Hang Seng futures remain unchanged. The dollar is gaining support from rising US yields, putting pressure on low-yielding currencies like the Chinese yuan and Japanese yen.
Oil prices are holding near two-month highs, buoyed by expectations of increased fuel demand during the summer travel season and potential US interest rate cuts that could spur economic growth.
In terms of investments, foreign portfolio investors turned net sellers, offloading shares worth Rs 426 crore on Monday, while domestic institutional investors bought shares worth Rs 3,917 crore. The rupee depreciated by 10 paise to settle at 83.44 against the US dollar, influenced by rising crude oil prices in international markets.
Overall, it’s an exciting time in the Indian stock market, with new records being set and various factors influencing the trading landscape. Stay tuned for more updates on this dynamic and ever-changing market!
