Mumbai (Maharashtra) [India], August 26 (ANI): Indian stock market indices Sensex and Nifty were seen inching towards their fresh lifetime highs on the first trading day of the week, driven by a rally in US and fresh foreign portfolio investments.
After close of Monday’s trade, Nifty 50 of National Stock Exchange (NSE) rose by 187.45 points, closing at 25,010.60, while the BSE Sensex increased by 611.90 points to reach 81,698.11.
The BSE-listed companies added a market capitalisation of more than Rs 2 lakh crore on Monday. The market cap of BSE-listed companies was recorded at a record high of Rs 462.40 lakh crore (USD 5.51 trillion).
As per the market experts, the sentiment of the investors is buoyed by indications of a potential shift in US monetary policy, leading to a 1.5 per cent gain in the Nifty IT Index.
The stocks of Hindalco Industries, NTPC, HCL Tech, Bajaj Finserv, and ONGC were the top gainers at NSE, whereas Apollo Hospitals, Hero MotoCorp, Adani Ports and SEZ, Maruti Suzuki India, and Grasim lagged.
“Due to the heavy liquidity in our Indian market, both Domestic Institutional Investors (DIIs) and mutual fund houses have been treating every dip as a buying opportunity, as seen from the last couple of sessions. This bullish trend is driving FOMO buying activities, adding to overbought conditions in the broader market, especially in the mid and small-cap categories,” said VLA Ambala, Co-founder, of Stock Market Today.
“”US FED has signalled a rate cut in September which is reflected in the decline in US treasury yields and dollar index, which has led to a rally in global markets despite there being no indication of the size of cuts. Indian markets hit a new high led by a change in FIIs stance to positive from negative along with continued strong DIIs inflows,” said Vinod Nair, Head of Research, Geojit Financial Services.
During the trade, the broader indices were seen advancing with the Nifty Midcap 100 gaining 0.64 per cent.
Sector-wise, IT, Metal, Realty, and OMCs posted gains up to 2.16 per cent, with the Nifty Metal Index surging over 2 per cent, followed by Nifty Realty (1.7 per cent) and Nifty IT (1.4 per cent).
Market later this week will be reading the first quarter GDP data which is scheduled on Friday. The Reserve Bank of India, in its latest monetary policy meeting, projected GDP growth for 2024-25 at 7.2 per cent, with growth for Q1 expected at 7.1 per cent, Q2 at 7.2 per cent, Q3 at 7.3 per cent, and Q4 at 7.2 per cent.
India’s GDP grew by an impressive 8.2 per cent during the financial year 2023-24, continuing to be the fastest-growing major economy. (ANI)
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