New Delhi [India], August 1 (ANI): The Indian stock market achieved a new milestone, with both Nifty and Sensex reaching a record high on Thursday. The markets got support from the US Federal Reserve deciding to keep the interest rates unchanged for the eighth straight time.
The Nifty closed at 25,004.00, up by 52.85 points or 0.21 per cent and Sensex closed at 81,867.73, a rise of 126.38 points or 0.15 per cent.
The Nifty’s ascent past the 25,000 mark marked a significant achievement, completing a 1,000-point rally in just 24 trading sessions, the third-fastest in its history.
The index has gained approximately 11 per cent over the past three months, driven by robust GDP growth, controlled inflation, strong domestic liquidity, and favourable monsoon conditions.
The stocks of Power Grid Corp, Coal India, ONGC, Dr Reddy’s Lab, and Shriram Finance were the top gainers during the day’s trade.
On the other hand, Mahindra & Mahindra, Tata Steel, Hero Moto Corp, State Bank of India, and Bajaj Finserv were the main laggards.
According to the experts, the market was also influenced by the U.S. Federal Reserve Chair Jerome Powell’s decision of a possible rate cut in September. The market also saw the news of India’s manufacturing sector demonstrating impressive resilience in July 2024, as indicated by the HSBC India Manufacturing PMI report, which recorded a strong reading of 58.1 in July.
“Geopolitical tensions and a 4 per cent surge in WTI crude oil prices, driven by Middle East conflicts, also influenced market dynamics,” said Varun Aggarwal MD, Profit Idea.
In the broader market, the BSE MidCap index declined by 0.7 per cent, and the SmallCap index fell by 0.5 per cent. Sector-wise, the Nifty Media and Realty indices were the worst performers, decreasing by 0.88 per and 1.37 per cent, respectively, while the Nifty Bank index rose by 0.3 per cent.
“Currently, the index is trading in an overbought condition, as seen from its RSI readings, which are above 75 on daily, weekly, and monthly timeframes. In addition, there is a price deviation on the daily and weekly timeframes, as per the 20-day and 50-day EMA. Those willing to trade in this current market condition are advised to follow a neutral view,” said V.L.A. Ambala, Co-founder – Stock Market Today (SMT).
“Based on the current market momentum, we could expect Nifty to gain support between the 24,940 and 24,860 levels and face some resistance around 25,085 and 25,130 in the next session,” she added. (ANI)
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