Stock market today: the bull run continues as the BSE Sensex crosses 80,300 and the Nifty50 rises above 24,350.
Image credit: additional resources.
Today's stock market: On Thursday morning, the major Indian equity indices, the BSE Sensex and Nifty50, reached all-time highs. The BSE Sensex crossed 80,300, and the Nifty50 crossed 24,350. The BSE Sensex was up 212 points, or 0.27%, at 80,199.12 at 9:18 AM. The Nifty50 was up 65 points, or 0.27%, at 24,351.55.
With the approval of solid worldwide trends, local markets maintained their recent pattern of setting new records on Wednesday. While the Sensex crossed the historic 80,000 barrier, the Nifty finished above 24,300.
"We expect that this current momentum will last in the near future. The release of the US Fed meeting minutes, as well as the US, Europe, and Asia service and composite PMI data, would affect Indian equities today, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
With immediate support at 24,110 levels, Nagaraj Shetti of HDFC Securities believes that a strong rise over 24,400 levels might open the next upside target of 24,900 levels in the upcoming week.
Global market movements were uneven, with little change in S&P 500 futures, 0.9% increase in Hang Seng futures, 0.5% increase in Nikkei 225 futures (OSE), 0.6% increase in Japan's Topix, 1.1% increase in Australia's S&P/ASX 200, and little change in Euro Stoxx 50 futures.
Soft U.S. economic data suggested that growth was slowing, which put the dollar on the defensive. Meanwhile, lower-than-expected U.S. data on business activity and employment caused oil prices to decline. Currently, India Cements and Hindustan Copper are subject to a F&O prohibition.
On Wednesday, foreign portfolio investors were net purchasers at a cost of Rs 5,483 crore, while DIIs purchased shares valued at Rs 924 crore. From Rs 3.46 lakh crore on Tuesday to Rs 3.78 lakh crore on Wednesday, the net long of FIIs grew.
