Sensex slips 4 points to close at 82,555, Nifty inches up to 25,279
Business | September 03, 2024 16:49 ISTWhile the Sensex faced a slight downward pressure, the Nifty stayed in the green, albeit with a marginal increase.
While the Sensex faced a slight downward pressure, the Nifty stayed in the green, albeit with a marginal increase.
In the early trade, the 30-share BSE Sensex climbed 164.27 points to 82,554.04. Meanwhile, the Nifty was also up by 58.35 points to 25,299 points.
The upward movement in the market was driven by positive investor sentiment, strong global cues, and buying interest in key sectors such as IT, banking, and energy. Analysts attributed the surge to favourable economic data and robust corporate earnings, which have bolstered market confidence.
Positive cues from global markets and sustained buying in select heavyweight stocks contributed to the early gains. Key sectors including IT, financials, and energy showed strength, bolstering overall market sentiment.
BSE's Sensex has gained for the fourth straight session on Friday, while Nifty rose for the seventh straight session. In Asian markets, only HongKong opened green while Seoul and Tokyo traded lower.
The stock markets opened higher on Thursday, fueled by optimism about a potential US Federal Reserve rate cut in September and easing geopolitical tensions. Analysts predict new all-time highs for Nifty and Sensex next week.
After following global sentiments last week, the Indian stock market incidence gained in the opening session. Meanwhile, Asian markets showed mixed responses.
The early gains indicate continued momentum in the markets, with both major indices showing strong upward trends as trading progresses.
Tata Motors led the gains among Sensex stocks, while broader markets showed mixed performance. Positive sentiment was fueled by lower-than-expected US inflation data, which boosted global indices.
The development comes as Rahul Gandhi alleged that there is a "significant risk in the Indian stock market because the institutions that govern the stock market are compromised".
The benchmark indices opened slightly lower on Tuesday. The BSE Sensex was down 42 points, trading at 79,607, while the NSE Nifty50 dropped 10 points to 24,337 in early trading. The market sentiment was dampened by a 2% fall in HDFC Bank shares, contributing to the overall decline.
The stock market opened with a strong bullish trend on Friday, with the Sensex rising by 800 points and the Nifty crossing the 24,350 mark. IT stocks led the gains, and broader markets also showed significant strength.
The stock markets witnessed a strong early trade recovery, with Sensex and Nifty showing substantial gains. The Sensex rose by 1,046.13 points to 79,639.20, while the Nifty surged by 313.9 points to 24,306.45, indicating positive investor sentiment and market momentum.
The Sensex opened in positive territory today, currently up by 963.48 points, or 1.22%, trading at 79,722.88. The market's robust performance reflects investor confidence, with significant gains across multiple sectors contributing to the upward momentum.
In the broad stock market indices, all indices including Nifty Next 50, Nifty 100, Nifty Midcap, and Nifty Small cap declined around 2 per cent during the opening session.
The Nifty rose by 59.75 points to reach a new all-time high of 25,010.90, while the Sensex climbed 126.21 points to close at a record high of 81,867.55.
The Sensex rebounded by 1,293 points, and the Nifty surged nearly 2% to a record high, ending a five-day losing streak. Heavy value buying at lower levels and a rally in blue-chip stocks, particularly Reliance Industries, drove the recovery.
Stock market update: Equity market benchmark indices Sensex and Nifty rebounded in early trade after staying on the back foot for the past five straight sessions, helped by value buying at lower levels and rally in blue-chips Infosys, Tata Consultancy Services and Reliance Industries.
The Sensex's fourth consecutive decline, driven by profit booking in response to tax hikes announced in the budget, highlighted the cautious sentiment among investors.
The market's downturn reflects investor sentiment following the announcement of the Budget, which has been met with mixed reactions. Analysts and traders are closely monitoring the impact of the Budget’s measures on various sectors and the overall economic outlook.
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