Sensex Opening Bell: Stock market continues to strengthen; Sensex jumps 400 points, Nifty crosses 23000
New Delhi| Indian benchmark indices, Nifty50 and Sensex opened with gains for the fourth consecutive session on Thursday due to gains in banking, auto and IT stocks. The market rally came as the US Federal Reserve has maintained its interest rate cut projections for this year despite tariff concerns. During this time, the BSE Sensex rose by 500 points or 0.66% to 75,950, while the Nifty 50 was trading at 23,034 at 9:25 am, up 127 points or 0.56%. This is the first time since February 19 that Nifty has crossed the 23,000 level.
The 30-share BSE Sensex rose 478.13 points to 75,927.18 in early trade. Whereas NSE Nifty increased by 149.1 points to reach 23,056.70 points. Among the Sensex stocks, Infosys, Tata Consultancy Services, Bharti Airtel, HCL Tech, Zomato, Tech Mahindra, Titan and Mahindra & Mahindra were the biggest gainers. However, Bajaj Finance, UltraTech Cement, Adani Ports and Tata Steel lagged behind.
Mixed trend in Asian markets, huge rise in American market
“The domestic market is expected to continue to accelerate at a strong pace in global markets after the US Federal Reserve announced interest rate cuts twice this year”, said Vikas Jain, head of research at Reliance Securities Asian markets traded positively in Seoul while Shanghai and Hong Kong declined. American markets closed with great momentum on Wednesday.
VK Vijayakumar, chief investment strategist at Geojit Financial Services, said the Fed is expected to keep rates in place and forecast lower growth of 1.7 per cent and higher inflation of 2.8 per cent for 2025. Two trends are important in the Indian market. First, the household consumption theme is gaining support. Second, weak themes like defense/shipping are gaining support.”
FIIs sold shares worth Rs 1096.50 crore on Wednesday
Brent crude, the global oil standard, rose 0.54 percent to $71.16 a barrel. Foreign institutional investors (FIIs) sold shares worth Rs 1,096.50 crore after a day’s respite on Wednesday, according to exchange data. However, domestic institutional investors (DIIs) bought shares worth Rs 2,140.76 crore.
“The Fed anticipates two additional interest rate cuts this year, which could create favorable conditions for global equities in the near future”, said Dhawal Ghanshyam Dhanani, fund manager at Samco Mutual Fund On Wednesday, the Sensex had closed at 75,449.05, up 147.79 points or 0.20 percent. Nifty had closed at 22,907.60, up 73.30 points or 0.32 per cent.
