Sensex opens at 80,322, Nifty at 24,369 as Indian markets hit record highs

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On Thursday, Indian markets reached fresh historic highs, with both major indices setting records in the opening session. The Nifty 50 index opened at a record 24,369 points, while the BSE Sensex hit an all-time high of 80,321.79 points. This positive tendency has continued since the June 10 rally, when the Sensex soared by more than 3,000 points to date, reported ANI.

"Strong US and Asian market cues are pointing to another day of strong momentum in India. Weak US economic data is raising hopes for a September rate cut by the US Fed. That probability is up to 73 per cent, and US yields fell in tandem with that outlook," Ajay Bagga, Banking and Market Expert told the news agency.

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According to the ANI report, in the Nifty 50 index, 34 shares opened higher while 14 shares fell. The top gainers in the Nifty 50 included Hindalco, ICICI Bank, Tata Motors, HCL Tech, and Mahindra & Mahindra. HDFC Bank, Cipla, Dr Reddy's, Shriram Finance, and Adani Entertainment were the biggest losers.

The broader market on the National Stock Exchange also showed strong momentum, with all indices, including Nifty Next 50, Nifty 100, and Nifty 200, opening higher. In terms of sectoral performance, all indices save the Nifty Healthcare and Nifty Pharma indices opened higher, indicating widespread optimism in the market, the report stated.

"We believe the uptrend is likely to continue as long as the index is trading above 24,200/79,600, which is the lowest point of the previous day. Above 24,200/79,600, the market may rise to 24,400-24,500/80,200-80,500," stated Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Reportedly, this optimistic feeling was echoed in global markets as well. Wall Street closed at record highs, boosted by advances in technology sectors. The S&P 500 grew by 0.51 per cent, while the Nasdaq Composite increased by 0.88 per cent. The optimistic trend was also reflected in Asian markets, where Japan's Nikkei 225 surged 0.27 per cent, Korea's Kospi rose 0.87 per cent, and the broader Asia Dow rose 1 per cent. Hong Kong's Hang Seng Index rose 0.56 per cent, ANI report stated.

In the commodities market, crude oil prices rose somewhat. West Texas Intermediate (WTI) crude was priced at USD 83.56 a barrel, while Brent crude was trading at USD 87.03. The US Dollar Index (DXY) was slightly higher at 105.30, indicating a rising dollar, the report added.

"Looking ahead, investor focus turns to upcoming Q1 earnings reports and financial results, which are anticipated to influence market direction. Foreign Institutional Investors (FIIs) have reversed their market stance, increasing long positions significantly," Varun Aggarwal, MD of Profit Idea, told ANI that foreign institutional investors (FIIs) had flipped their market posture, dramatically expanding long positions.