In a notable surge, the BSE Sensex and Nifty50, India’s key equity benchmark indices, reached historic highs during today’s trading session. The 30-share Sensex surpassed the monumental 80,000 mark for the first time, while the Nifty50 also set a new peak at 24,292.
As of 9:22 AM, the BSE Sensex was trading at 79,935.12, marking a gain of 494 points or 0.62%. Similarly, the Nifty50 stood at 24,257.60, up by 134 points or 0.75%. This remarkable performance follows a recent bout of profit booking on Tuesday, as the Nifty briefly exceeded the 24,200 level.
Market analysts from Motilal Oswal Financial Services anticipate continued upward momentum, suggesting consolidation at elevated levels. Factors influencing future trends include upcoming remarks by Federal Reserve Chairman Powell and the release of meeting minutes, likely to introduce volatility.
According to Nagaraj Shetti of HDFC Securities, the Nifty’s long-term chart remains robust, foreseeing a potential resumption of upward momentum post-consolidation. Key technical levels indicate immediate support at 23,980, with resistance expected around 24,400.
Internationally, global markets exhibited mixed signals: S&P 500 and Nasdaq 100 futures showed minimal movement, while Hang Seng futures climbed 0.5%, Japan’s Topix rose 0.2%, Australia’s S&P/ASX 200 increased by 0.3%, and Euro Stoxx 50 futures saw a 0.3% rise. In the forex market, major currencies like the euro, Japanese yen, offshore yuan, and Australian dollar maintained stability against the US dollar.
The ongoing developments in both domestic and international markets are poised to influence investor sentiment and trading patterns as the session progresses.