MUMBAI: Indian stock markets opened at a new high on Friday, with both indices continuing the bull run. The Nifty 50 index opened closer to its 52-week high, while the Sensex opened above the 83,000 mark for the first time.
The Nifty 50 index opened at 25,430.45, gaining 41.55 points or 0.16 per cent, while the BSE Sensex opened at 83,091.55 points, a surge of 128.84 points, or 0.16 per cent.
Global markets are rallying ahead of the Fed rate cuts, and Indian markets are continuously reaching new highs, reflecting strong investor confidence.
“The focus is totally on the Fed action and Fed speak of September 18. But the September 12 Indian markets action is pointing to a classical flows pattern of equity markets getting inflows as the US dollar weakens on the back of Fed rate cuts. Markets will move sharply in anticipation of this. Some minor risk off is possible early next week, in the lead up to the FOMC announcement on September 18 night time in India. FIIs have cut the ‘caution’ out from our ‘cautious optimism’ and made us ardently ‘optimistic”, said Ajay Bagga, banking and market expert.
In the sectoral indices on the National Stock Exchange (NSE), Nifty Media led in gains, followed by Nifty Metal and Nifty PSU Bank.
In the Asian markets on Friday, there was mixed movement, with Japan’s Nikkei index falling 0.89 percent, along with flat movement in South Korea’s KOSPI. Meanwhile, Hong Kong’s stock index surged 1.16 percent, and Taiwan’s Taiwan Weighted also gained marginally, by 0.14 percent at the time of filing this report.
The US markets on Thursday marked the fourth consecutive session of gains, with the S&P index gaining 0.75 percent, while the Nasdaq surged 1 percent by the closing bell.
The European markets also closed with positive gains after the EU announced rate cuts of 25 basis points. Germany’s DAX surged 1.02 percent, France’s CAC index gained 0.51 percent, while the UK’s FTSE index gained 0.57 percent on Thursday.
The Indian stock markets hit a record-breaking milestone on Thursday, with both Sensex and Nifty closing at record highs. This surge was driven by broad-based buying across sectors, reflecting strong investor confidence and robust market sentiment. The Sensex skyrocketed by 1,439.55 points to close at 82,962.71, while the Nifty surged by 395.40 points, closing at 25,313.85 points. (ANI)