 "Sensex hits 85,000 for first time, Nifty shy of touching 26,000-mark")
BSE Sensex for the first time surpassed 85,000-mark in the early hours of trade on Tuesday (September 24). Meanwhile, Nifty 50 was hovering around 26,000-level.
The Indian benchmark indices continue their upward momentum after the significant rate cut by the US Federal Reserve last week.
On Tuesday morning, the 30-share Sensex hit a milestone of 85,023 while Nifty hit a fresh high of 25,971.
At 10:21 am, Sensex was trading at 85,006.61, up 78.00 points or 0.092 per cent, while Nifty was at 25,964.25, up 25.20 points or 0.097 per cent.
Sensex crossing 85,000-mark comes mere four days after it surpassed the 84,000-mark. On September 12, it breached the 83,000-mark. The record run from 80,000 till 85,000 points happened in less than 12 weeks.
On Tuesday, the biggest gainers among Sensex pack were Tata Steel, JSW Steel and Powergrid, while the losers included Hindustan Unilever, Infosys and Bajaj Finance.
BSE Metal index up 2 per cent, oil and gas, power were up 0.5 per cent each. However, IT index down 0.5 per cent.
In Nifty, top gainers included Tata Steel, Hindalco Industries, JSW Steel, Power Grid Corp and Adani Enterprises, while top losers were HUL, Bajaj Finance, Infosys, Divis Labs and HDFC Life.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Two trends deserve attention. The serious global geopolitical concern continues to be the West Asia where things are getting worse. Israeli strikes on Lebanon have killed hundreds of people triggering concerns."
Impact Shorts
More Shorts“Crude has inched up. Gold and the volatility index are moving up reflecting anxiety. However, the market remains resilient and the undertone continues to be bullish. Investors have to take a call based on these two trends,” Vijayakumar further said.
Meanwhile, market expert Ajay Bagga said volatility will be high, given the month-end and quarter end derivatives expiry on Thursday.
“The US dollar is firm and gold is seeing buying as a safe haven given the geopolitical tensions in the West Asia,” Bagga said, who went to add that with a rate cut by major global economies, the Indian market may, however, follow global trends.
Sensex, Nifty expected to trade further up
“Despite reaching new highs, there are currently no signs of reversal or market fatigue. The established pattern of higher highs and higher lows remains intact, suggesting that the index may aim for a target of 26,250, aligned with the 1.618 per cent Fibonacci extension,” Varun Aggarwal MD, Profit Idea, said.
With inputs from agencies.
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