MUMBAI: Strong global cues, mainly because of expectations of a rate cut by the US central bank next month, helped Nifty reclaim the 25K mark on Monday after over three weeks. The sensex too was within 1% of its all-time high mark. At close, Nifty was at 25,011, up 187 points while the sensex was at 81,698, up 611 points.
According to Siddhartha Khemka of Motilal Oswal Financial Services, Nifty’s surge past the 25K mark came on the back of an indication from the US Federal Reserve that interest rate cuts are most likely to start from its Sept meeting.At the current close, the Nifty is now just inches away from its life high of 25,078, Khemka said in a note.
“We expect the ongoing momentum to continue towards new highs with broader market participation. This week, the market will focus on India and US GDP data, derivatives monthly expiry, and other global cues,” Khemka said. Among the sensex stocks, HDFC Bank and Reliance Industries added the most to its gains.
Domestic institutions were major buyers with the net buying figure at Rs 1,870 crore. Foreign funds too were net buyers at Rs 484 crore, BSE data showed. The day’s session added about Rs 2.4 lakh crore to investors’ wealth with BSE’s market capitalisation now at Rs 475.2 lakh crore, close to its all-time high level of Rs 475.6 lakh crore, recorded on July 31 this year.
In Asian markets, Shanghai and Hong Kong settled in the positive territory while Seoul and Tokyo ended lower. European markets were trading mostly lower. The S& and the Dow opened higher on Monday, with markets focused on results from AI-darling Nvidia and a key inflation report due later in the week, while geopolitical tensions in West Asia made investors wary.
According to Siddhartha Khemka of Motilal Oswal Financial Services, Nifty’s surge past the 25K mark came on the back of an indication from the US Federal Reserve that interest rate cuts are most likely to start from its Sept meeting.At the current close, the Nifty is now just inches away from its life high of 25,078, Khemka said in a note.
“We expect the ongoing momentum to continue towards new highs with broader market participation. This week, the market will focus on India and US GDP data, derivatives monthly expiry, and other global cues,” Khemka said. Among the sensex stocks, HDFC Bank and Reliance Industries added the most to its gains.
Domestic institutions were major buyers with the net buying figure at Rs 1,870 crore. Foreign funds too were net buyers at Rs 484 crore, BSE data showed. The day’s session added about Rs 2.4 lakh crore to investors’ wealth with BSE’s market capitalisation now at Rs 475.2 lakh crore, close to its all-time high level of Rs 475.6 lakh crore, recorded on July 31 this year.
In Asian markets, Shanghai and Hong Kong settled in the positive territory while Seoul and Tokyo ended lower. European markets were trading mostly lower. The S& and the Dow opened higher on Monday, with markets focused on results from AI-darling Nvidia and a key inflation report due later in the week, while geopolitical tensions in West Asia made investors wary.
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