Sensex crosses 85,000 for the first time, Nifty at fresh record high.
On September 24, the Sensex and Nifty achieved new record highs, supported by a recent Federal Reserve rate cut.
On September 24, the Sensex and Nifty reached new record highs for the fourth consecutive session, buoyed by the Federal Reserve's significant rate cut last week. The BSE Metal index rose by 2%, while the oil and gas and power sectors each gained 0.5%. However, the IT index declined by 0.5%. The Sensex crossed the 85,000 mark for the first time, reaching 85,023, while the Nifty hit a fresh high of 25,971. Among the stocks, 1,823 advanced, 1,259 declined, and 122 remained unchanged. Key gainers on the Nifty included Tata Steel, Hindalco Industries, JSW Steel, Power Grid Corp, and Adani Enterprises, whereas the biggest losers were HUL, Bajaj Finance, Infosys, Divis Labs, and HDFC Life.
Experts shared their insights on the market. Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted two important trends: ongoing geopolitical tensions in the Middle East, particularly Israeli strikes in Lebanon, which have led to rising crude prices and increased anxiety reflected in gold and volatility index movements. Despite these concerns, he noted that the market remains resilient and maintains a bullish undertone, urging investors to consider these trends.
Aishvarya Dadheech, founder and CIO of Fident Asset Management, suggested that the market may remain cautious until quarterly results are released and there’s greater clarity on the RBI’s rate-cut decisions and the Fed's future actions. He added that if foreign institutional investors continue their buying, higher levels could be reached by Diwali.
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