“Sensex Surpasses 85K for the First Time, Nifty Reaches Record High.Today’s surge in the Bombay Stock Exchange (BSE) stock market index, the Sensex, involved thirty well-known corporations. Before the Sensex Surpasses market opened, it hit a record high of 85,044 points. Since its last closure of 84,928 points, there has been a noticeable gain. By driving the index to an all-time high, the upward advance suggests strong investor confidence and market momentum. The current market trend, which includes this rally, is one in which equities are rising, probably as a result of good market circumstances or upbeat economic data.
Sensex Surpasses 85K for the First Time.
Sensex Surpasses and Nifty Rally Today: The benchmark Sensex crossed the 85,000 mark for the first time ever in early trading on Tuesday, reaching a record high of 85,044 points, up from its previous close of 84,928. Meanwhile, the Nifty index gained 30 points to hit 25,969, also marking a new record high of 25,975 points for the 50-stock index.
In today’s session, the Sensex Surpasses market value of companies listed on the BSE increased to Rs 476.34 lakh crore.
Fifteen out of the thirty Sensex stocks were trading positive. The biggest gainers on the Sensex Surpasses were Tata Steel, JSW Steel, PowerGrid, HDFC Bank, Nestle India, and Bharti Airtel, all of which increased to 3.10%.
“Two trends deserve attention,” stated V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The real global geopolitical problem continues to be the Middle East where things are growing worse. Concerns have been raised by the hundreds of deaths caused by Israeli strikes on Lebanon. Crude is getting closer. A rise in gold and the volatility index is a sign of concern. But the market is still strong, and there is still an optimistic undertone. Based on these two tendencies, investors must make a decision.”
A total of 192 stocks reached their 52-week highs today, while 20 stocks hit their 52-week lows on the BSE. The market breadth was positive, with 2,055 of the 3,777 traded stocks in the green. Meanwhile, 1,548 stocks traded in the red, and 174 stocks remained unchanged.
The BSE midcap index gained 58 points to close at 49,578, and the smallcap index rose 111 points to 57,497. The BSE metal goods index led the gains, surging 726 points to 32,905. Oil & gas and auto indices also performed well, rising 126 points and 120 points, respectively.
In contrast, IT stocks were the biggest losers, with the BSE IT index dropping 254 points to 42,313 in early trading.Tuesday’s stock market rally saw about 264 stocks reach their highest levels. 22 shares, however, reached their lower circuit restrictions.
Dhupesh Dhameja, Technical Analyst at SAMCO Securities, commented on the derivatives element of the market, saying, “The bulls now have a decisive advantage due to strong buying and heavy put writing across broader markets.” The index maintains its positive structure with consecutive closes above historical highs, call writers shifting to higher strikes, and robust put adds. Further impetus might be generated with a breakout above 26,000, with 25,800 serving as immediate support. A buy-on-dips approach is still advantageous if the index moves into uncharted territory as long as it stays above 25,800.”
“In view of the monthly expiry and overbought conditions, it is recommended to lock in profits periodically rather than becoming complacent. Moreover, strong sectoral trends in the broader market suggest potential outperformance. As a result, maintaining a stock-specific strategy and closely tracking global market trends is crucial,” stated Krishan.
On Monday, foreign institutional investors made net equity purchases worth Rs 404.42 crore, while domestic investors bought Rs 1,022 crore in shares, according to provisional data from the NSE.
The Sensex Surpassesthe 85,000 mark for the first time is a significant milestone, signaling strong market performance and investor confidence. This historic high reflects positive economic sentiment, robust corporate earnings, and favorable macroeconomic conditions. Additionally, it highlights the ongoing momentum in sectors driving the market’s growth, such as metal goods, oil and gas, and autos. However, with the market reaching overbought levels, it is essential for investors to approach with caution, locking in profits when necessary and staying vigilant of global market trends that may impact future performance.
Refrance with bt stock market:https://www.businesstoday.in/markets/market-commentary/story/sensex-crosses-85k-mark-for-first-time-nifty-hits-record-high-447202-2024-09-24?utm_source=newsshowcase&utm_medium=gnews&utm_campaign=CDAqEAgAKgcICjCi5NwKMOXwzgEwyNSTAw&utm_content=rundown
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