Sep 02, 2024 09:46 AM IST
Sensex and Nifty reached new peaks due to robust financial and IT stocks, fueled by US data that boosted hopes for a Fed rate cut in September.
India’s equity indices scaled new record highs today after Sensex and Nifty both rose in the last session on Friday owing to strong performances in financial and IT stocks after US economic data alleviated growth concerns.
This comes as Wall Street stocks rose and the Dow scored a second consecutive all-time closing high on Friday. Tesla and Amazon climbed after fresh US economic data raised expectations that the Federal Reserve will cut interest rates modestly in September.
The Nifty 50 index opened with a gain of 97.70 points or 0.39 per cent at 25,333.60, while the BSE Sensex index began the week with a gain of 0.44 per cent or 359 points at 82,725.28 points.
Ajay Bagga, banking and market expert, said, “September starts with the Fed rate cuts imminent and volatility expected around the event. For Indian markets, we expect a minor correction as 12 record-breaking days of continuous positive moves will see some profit-taking setting in. A gap up is expected today but at some point some selling is expected at these all-time high levels. We expect a flat to slightly lower market this week, mostly due to some reversion to mean after 12 record-breaking continuously positive moves.”