Sensex surpasses 85,000 mark for first time ever
What's the story
The Sensex and Nifty 50 have set new record highs for the fourth consecutive session today.
For the first time in history, the Sensex has crossed the 85,000 mark and reached a milestone of 85,023. Concurrently, Nifty also set a new record by hitting an all-time high of 25,971.
This upward trend follows a significant rate cut by the US Federal Reserve last week.
Market performance
The market saw approximately 1,823 shares advancing today
The BSE Metal index saw a rise of 2%, while oil & gas and power indices each increased by 0.5%. In contrast, the IT index experienced a slight dip of 0.5%
The market saw approximately 1,823 shares advancing against 1,259 shares that declined. A total of 122 shares remained unchanged during this period.
Market leaders
Tata Steel, Hindalco Industries among top gainers
The top gainers on Nifty were Tata Steel, Hindalco Industries, JSW Steel, Power Grid Corp., and Adani Enterprises.
On the other hand, HUL, Bajaj Finance, Infosys, Divis Labs and HDFC Life were among the top losers.
These market fluctuations reflect the dynamic nature of India's stock market amid global economic changes.
Expert opinions
Experts weigh in on market resilience and future trends
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted two significant trends impacting the market.
He noted ongoing geopolitical concerns in the Middle East and an increase in crude prices, gold, and the volatility index.
Despite these factors, he emphasized that "the market remains resilient and the undertone continues to be bullish."
Aishvarya Dadheech from Fident Asset Management suggested investors should wait for quarterly results before making decisions based on RBI's rate-cut decisions and the Fed's next moves.