The Indian Stock Market Hits New Highs

The Indian stock market witnessed a historic day as the BSE Sensex and Nifty50, the country’s benchmark indices, reached new lifetime highs in today’s trading session. The 30-share BSE Sensex crossed the 80,000 mark for the first time, while the Nifty50 hit a record high of 24,292. At 9:22 AM, the BSE Sensex was trading at 79,935.12, up 494 points or 0.62%, and the Nifty50 was at 24,257.60, up 134 points or 0.75%.

Despite a slight pullback on Tuesday after breaching the 24,200 level, market experts believe that the momentum will continue to be positive. Market analysis from Motilal Oswal Financial Services suggests that the Nifty is likely to consolidate at a higher zone with expected volatility due to the upcoming release of the meeting minutes and Chairman Powell’s speech.

According to Nagaraj Shetti of HDFC Securities, the Nifty is positioned strongly on the long-term chart, and any consolidation is expected to be brief before the resumption of the upside momentum. The immediate support level for the Nifty is at 23,980, with the next resistance level to watch being around 24,400.

Global markets displayed mixed trends, with S&P 500 futures, Nasdaq 100 futures, Hang Seng futures, Japan’s Topix, Australia’s S&P/ASX 200, and Euro Stoxx 50 futures showing slight fluctuations. In the forex market, major currencies like the euro, Japanese yen, offshore yuan, and Australian dollar remained stable against the US dollar.

Meanwhile, oil prices edged higher in early Asian trade, with Brent crude oil futures increasing to $85.60 a barrel and U.S. West Texas Intermediate crude futures rising to $82.95 per barrel. Industry data revealing a larger-than-expected draw in U.S. crude stockpiles boosted hopes of strong fuel demand during the upcoming summer driving season, thereby supporting the rise in oil prices.

On the stocks front, India Cements and Indus Tower entered the F&O ban list for the day. Foreign portfolio investors turned net sellers at Rs 2,000 crore on Tuesday, while domestic institutional investors bought shares worth Rs 648 crore. The Indian rupee depreciated by 4 paise to settle at 83.48 against the US dollar on Tuesday, impacted by a stronger dollar in the global market and elevated crude oil prices.

Market data also indicated a slight reduction in the net long positions of Foreign Institutional Investors (FIIs) from Rs 3.5 lakh crore on Monday to Rs 3.46 lakh crore on Tuesday.