India’s benchmark index Nifty 50 opened at a record high on Thursday, crossing the 25,000 milestone for the first time. The Nifty gained 92.15 points to 25,030.95, while the Sensex added 208.34 points, or 0.25 percent, to 81,949.68.
Maruti Suzuki, JSW Steel, Hindalco Industries, Coal India, and Tata Motors emerged as top performers, while Mahindra & Mahindra, BPCL, Infosys, Ultratech Cement, and Sun Pharmaceutical Industries were among the laggards.
Broad market indices on the NSE maintained an upward trajectory, with all sectoral indices opening on a positive note.
“The Fed chief signaling a possible rate cut in September is positive for global equity markets. More importantly, his comments that the US economy is normalizing are a shot in the arm for bulls. The dip in the 10-year US bond yield to 4.05 is sharp and may halt or even reverse the FII selling in the cash market in recent days,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“If both FIIs and domestic institutional investors (DIIs) turn buyers, the market could see a significant uptick today. However, sustaining this rally might be challenging due to stretched valuations,” Vijayakumar added.<br>
Globally, market sentiment was mixed, with Asian markets largely mirroring Wall Street’s gains. The Dow Jones and S&P 500 saw increases of 0.24 percent and 1.58 percent, respectively, while the Nasdaq surged by 2.64 percent. Post-Fed meeting, the US dollar and Treasury yields declined. Brent crude prices continued their ascent, rising by 0.8 percent to USD 81.51 per barrel.
(With ANI input)
