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Sensex, Nifty reach fresh all-time high levels: Will stock market rise more?

 September 26, 2024  Leave a Comment on Sensex, Nifty reach fresh all-time high levels: Will stock market rise more?
Stock market today: Sensex and Nifty achieve all-time highs amid a surge in Asian markets. The Sensex hits 85,372.17, while Nifty reaches 26,056. Despite foreign selling, domestic liquidity supports the market as major IT stocks lead gains.(Reuters)


Sep 26, 2024 10:03 AM IST

Sensex and Nifty reach new all-time highs as Asian markets rally. Major gainers include IT stocks, while FIIs offload equities amid domestic buying.

Sensex and Nifty hit fresh all-time high levels in early trade amid a sharp rally in Asian markets and buying in IT stocks. The BSE Sensex climbed 202.3 points to reach an all-time record peak of 85,372.17 in early trade. The NSE Nifty went up 51.85 points to hit a fresh lifetime high of 26,056.

Stock market today: Sensex and Nifty achieve all-time highs amid a surge in Asian markets. The Sensex hits 85,372.17, while Nifty reaches 26,056. Despite foreign selling, domestic liquidity supports the market as major IT stocks lead gains.(Reuters)

Major gainers and losers today

From the 30 Sensex firms, Maruti, Nestle, Tata Motors, Infosys, Tech Mahindra, HCL Technologies, Bajaj Finserv, Tata Consultancy Services, ITC, and Bharti Airtel were the biggest gainers. Power Grid, NTPC, Tata Steel, and JSW Steel were among the laggards.

What about global markets

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading with significant gains. The US markets ended mostly lower on Wednesday.

A look at FIIs and DIIs

Foreign Institutional Investors (FIIs) offloaded equities worth ₹973.94 crore on Wednesday while Domestic Institutional Investors (DIIs) were buyers as they bought equities worth ₹1,778.99 crore, as per exchange data.

Expert view on stock market

“There are no immediate near-term triggers that can take the market sharply up or down. Up moves may attract selling by FIIs who are likely to move some more money to China and Hong Kong since these markets are cheap and are witnessing an uptrend now,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. But FII selling is unlikely to push the market down significantly since the ample domestic liquidity can easily absorb such selling, Vijayakumar said.

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