Mumbai (Maharashtra) [India], August 29 (ANI): The benchmark indices Nifty and Sensex hits lifetime highs on Thursday during the mid-hours of trading.
The Nifty touched a record high at 25,174.55 and Sensex rose to 82,220.68. The indices opened almost flat with a mixed response from both indices in the opening hour.
The Nifty at the National Stock Exchange (NSE) opened 17 points down at 25,035.30 points. The BSE Sensex opened with a minor gain of 35 points at 81,822.56.
“Finally, it (Nifty) has broken through to fresh all-time highs. This opens up possibilities for a strong upmove now. Sector-wise, domestic cyclical will lead the way while IT is coming back in favour of selective names,” said Ajay Bagga, Market and Banking expert.
“The markets have weathered the geopolitical news flow, the disorderly Yen carry trade unwinding moves, and the minor panic on an incipient US slowdown leading to a hard landing. These issues have been digested and factored in and FII flows have improved over the last few days to add to the robust domestic inflows. The structural bull market is back and we expect further upside in the markets,” said Bagga.
“While Nifty is trading at 23x its actual value, many heavyweight stocks like HDFC and Reliance are still trading below their all-time highs. However, I think sectors like IT, Pharma, FMCG, Consumption, and Metals have been instrumental, driven by factors such as the depreciation of the Indian Rupee, rising inflation in food items, and the growing scope in Pharma due to government projects,” said VLA Ambala, Co-founder, Stock Market Today.
“Despite this bullish trend, I would suggest investors to be cautious. Moreover, the NIFTY index is currently in an overbought zone, with RSI levels indicating a potential correction in the next 3-6 months. I would advise all investors to focus on dip-buying opportunities and avoid FOMO. Lastly, stick to stocks with strong fundamentals, as overvalued prices won’t sustain in the long run,” she said.
Later this week, the markets will be reading the first quarter GDP data which is scheduled on Friday. The Reserve Bank of India, in its latest monetary policy meeting, projected GDP growth for 2024-25 at 7.2 per cent, with growth for Q1 expected at 7.1 per cent.
India’s GDP grew by an impressive 8.2 per cent during the financial year 2023-24, continuing to be the fastest-growing major economy.
The Nifty 50 index began on April 22, 1996, with a starting value of 1136.28 points and has crossed the 25,100 milestone today, marking a growth of nearly 22 times. (ANI)
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