The Indian markets witnessed a bullish trend on Thursday as both the benchmark indices, Nifty and Sensex, reached new records. Nifty closed at an all-time high of 24,044 points, surging by more than 0.74 per cent, while the BSE Sensex also closed at a historic high of 79,243.18, gaining over 0.72 per cent. Both indices crossed significant milestones during the session, with Nifty surpassing the 24,000 mark and Sensex crossing 79,000. This bullish trend can be attributed to the resilience shown by the Nifty in the face of global sluggishness, with the index making new highs for three consecutive sessions.
According to Rupak De, Senior Technical Analyst at LKP Securities, the short-term trend for Nifty remains positive unless it breaks below 23,800. There is a possibility for the index to move towards 24,200 on the higher end. The Nifty 50 achieved its second-fastest 1,000-point rally, taking just 23 trading sessions to move from 23,000 to 24,000. Among the top gainers on the Nifty 50 were Ultratech Cements, LTIMindtree, NTPC, Grasim Industries, and Wipro, while Shriram Finance, L&T, Divi’s Lab, Bajaj Auto, and Eicher Motors saw a decline in their stocks.
In the broader market, the BSE MidCap and SmallCap indices faced minor losses, with the MidCap down by 0.1 per cent and the SmallCap down by 0.6 per cent. Nifty IT led the gains in the sector, with a rise of 1.5 per cent, followed by the Private Bank and Financial Services indices, both up by 0.4 per cent. Overall, the market sentiment remained positive with most sectors seeing gains.
On the global front, stability was observed in oil prices despite concerns over increased US stockpiles and geopolitical tensions in the Middle East. In the commodities market, spot gold continued its decline due to inflation worries and hawkish comments from the Federal Reserve, closing at USD 2,299, down by 0.87 per cent. The ten-year US Treasury yield surged over 2 per cent to reach 4.33 per cent, while the US Dollar Index strengthened to 106, up by 0.42 per cent.
Overall, the Indian markets displayed a strong bullish trend on Thursday, with both Nifty and Sensex reaching new record highs. The positive sentiment was driven by the resilience shown by the Nifty amidst global sluggishness. Analysts predict a continued bullish trend for the short term unless Nifty breaks below 23,800. Sector-wise, Nifty IT, Private Bank, and Financial Services indices led the gains, with most sectors seeing positive movements. The global markets also displayed stability despite concerns over oil prices and US stockpiles. In conclusion, the Indian markets are expected to continue their bullish run in the coming sessions.
