Markets surge to record highs: Nifty reaches 24,100, Sensex approaches 79,500
PTC News Desk: The trading session on Friday began with a new high for the key market indices. In the first trading, the NSE Nifty 50 opened up 41.40 points, or 0.17 per cent, at 24,085.90, while the BSE Sensex rose 214.40 points, or 0.27 per cent, to 79,457.58. The wider indices had a mixed start to trade. The Bank Nifty index is up just 63.65 points, or 0.12%, from its beginning position as it opens at 52,874.95.
The Sensex and Nifty 50, the major Indian indices, are expected to open higher on Friday due to encouraging signals from the world market. According to Varun Aggarwal, MD of Profit Idea, "The Gift Nifty is indicating an initial premium, trading at about 24,200, up by about 105 points from the previous close of Nifty futures."
Nifty Bank, Financial Services, FMCG, IT, Media, Metal, Pharma, Realty, Healthcare, Oil and gas, and Consumer Durables were among the sectoral indexes on the NSE that began the day in the green.
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As per the NSE's provisional statistics, on June 27, 2024, shares valued at ₹ 3.605.93 crore were sold by domestic institutional investors (DII) and ₹ 7,658.77 crore were bought by foreign institutional investors (FII).
Both indices set new closing highs during Thursday's trading session. The Sensex increased by 568.93 points, or 0.72 percent, to 79,243.18. In a same vein, the Nifty 50 gained 0.74 percent, closing at 24,044.50 after soaring 175.70 points.
The Nifty 50 index showed a bullish pattern, with four sessions of extended bull candles in a row. Earlier in the week, the index showed a 'three advancing soldiers' pattern, signifying strong upward momentum.
"The market's optimistic outlook is sustained by the news that India will soon be added to the J.P. Morgan GBI-EM Global Series of indices, which will go live on June 28. With this move, India's weight in the index would progressively increase as significant foreign inflows projected to be between USD 25 and $30 billion over the next 10 months are anticipated, according to Aggarwal.
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Globally, WTI crude prices are up slightly at USD 82.00, or 0.23%, while Brent crude prices are slightly down at USD 85.45, or 1.03 percent, on a global scale. The US Dollar Index (DXY), which compares the value of the dollar to a basket of other currencies, is down 0.15% to 105.89 in the meantime.
Ahead of new inflation statistics, US market indices closed neutral on Thursday due to cautious trading. The Dow Jones Industrial Average closed at 39,164.06, while the S&P 500 registered slight increases of 0.09% each. The Nasdaq Composite gained 0.30% to close at 17,858.68.
In general, the Indian markets are positioned favorably for the foreseeable future, depending on investor mood and ongoing global economic conditions.
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- With inputs from agencies
