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Sensex Trades Higher Following New All-Time High Opening

Rajeshwari R by Rajeshwari R
August 30, 2024
in Business
Reading Time: 3 mins read
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Sensex Trades Higher Following New All-Time High Opening

Sensex Trades Higher Following New All-Time High Opening

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Mumbai Equity Indices Reach New Heights Amid Positive Global Sentiment

Indian equity markets started the trading session on a strong note on Friday, with major indices reaching fresh record highs, buoyed by favorable cues from Asian markets.

At 9:37 a.m., the Sensex was up by 221 points, or 0.27%, trading at 82,355, while the Nifty had gained 66 points, or 0.26%, reaching 25,217. Both indices hit new all-time highs at the session’s opening, with the Sensex peaking at 82,637 and the Nifty at 25,249.

The overall market trend remains positive, with 1,276 stocks advancing and 888 declining on the National Stock Exchange (NSE). A broad majority of indices are in the green, driven by significant gains in sectors such as PSU Banks, financial services, FMCG, pharmaceuticals, energy, and private banks.

Within the Sensex pack, notable gainers include Bajaj Finance, Bajaj Finserv, HDFC Bank, NTPC, Power Grid, L&T, Titan, M&M, Asian Paints, and Reliance. Conversely, Tata Motors, Tech Mahindra, Wipro, TCS, Sun Pharma, and HCL Technologies are among the laggards.

The bullish sentiment extends to midcaps and smallcaps as well. The Nifty Midcap 100 index stands at 59,139, up 255 points or 0.45%, while the Nifty Smallcap 100 index is at 19,292, reflecting an increase of 79 points or 0.41%.

Market experts suggest that the positive momentum is likely to persist in the near term. “A breakout from the current trend could occur if there is substantial buying in banking stocks,” said a market analyst. “However, challenges related to deposit shortages and the resulting pressure on margins have tempered demand for banking stocks, despite their attractive valuations. Largecaps are currently outperforming the broader market, which is a sign of a healthy trend.”

Asian markets are also showing a positive trend, with Tokyo, Seoul, Jakarta, and Bangkok each trading approximately 0.5% higher. Meanwhile, US markets closed mixed on Thursday.

Foreign Institutional Investors (FIIs) were active buyers, purchasing equities worth Rs 3,259 crore on August 29, while Domestic Institutional Investors (DIIs) continued their buying spree, acquiring equities worth Rs 2,690 crore on the same day.

The continued optimism in Indian equity markets reflects a broader global trend and underscores the positive outlook for the Indian economy.

Tags: IndianNiftySensexstock marketTOP

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