Top

Nifty-50, Sensex Rise Continues Towards 25K Psychological Barrier

Mumbai: Market maintained upward momentum for fourth consecutive session and closed at record highs for both Sensex and Nifty-50 on sustained domestic institutions' buying.

The Nifty-50 index again missed 25,000 mark by a whisker as it rose up to 24,984.60 before a climb down and closed at new all time high of 24,951.15 gaining 93.85 points or 0.38 per cent.

A positive US Fed meeting outcome is likely to push Nifty-50 beyond 25,000, said analysts.

"The Index is heading towards the psychological barrier of 25,000 and a sustainable move above the same will push the Index further higher to 25,200 whereas on the downside 24,800 will be considered as immediate support," said Aditya Gaggar, director, Progressive Shares.

Among the sectors, Metal was the top performer followed by Pharma and Media while the PSU Banking sector underperformed. The Sensex too closed at new all time high of 81,741.34 gaining 284.95 points or 0.35 per cent. Broader market also gained with BSE Mid-cap index up 0.86 per cent and BSE Small-cap index up 0.14 per cent. Domestic institutions were net buyers of equities worth Rs 3,366.51 crore while foreign portfolio investors were net sellers by Rs 3,462.36 crore.

BSE's market capitalisation rose further to over Rs 462.38 lakh crore or USD 5.52 trillion. "Sensex (2.85 per cent)and Nifty-50(3.35 per cent) gained around 3 per cent in month of July supported by growth led budget and second month consecutive buying by foreign investors. We expect this momentum to continue with sectorial rotation at play," said Siddhartha Khemka, head - Retail Research, Motilal Oswal Financial Services.

"On the global front, Bank of Japan raised its benchmark interest rate to “around 0.25 per cent” from it previous range of 0 per cent to 0.1 per cent. It also said to reduce the monthly purchases of Japanese government bonds to about 3 trillion yen (USD 19.64 billion) per month in the January to March 2026 quarter. Now all eyes will be on US Fed policy decision where investors are expecting a dovish commentary. Thus, on Thursday market would react to global cues, said Siddhartha Khemka

( Source : Deccan Chronicle )
Next Story