Stock Market: Nifty and Sensex open at all-time highs.

Indian Markets Surge as Nifty and Sensex Hit Record Highs at Opening

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: September 26, 2024

Summary: On Thursday, the key Indian equity indices, the BSE Sensex and Nifty50, opened higher.

The Nifty50 and the BSE Sensex were both barely off their all-time highs. The BSE Sensex was up 32 points, or 0.038%, at 85,202.10 at 9:16 AM. The Nifty50 was up 9 points, or 0.036%, at 26,013.40.

The research head of Motilal Oswal, Siddhartha Khemka, said, "Markets made a new all-time high for the sixth consecutive session, supported by positive global cues and strong domestic flows on Wednesday. We expect the Nifty to continue its upward journey amid the monthly derivative expiry Thursday, which may induce some volatility."

The Nifty's short-term upward trend is still in place; however, the next one to two sessions may see range-bound trading or a little decline. Support is at 25,800, and the immediate resistance level is approximately 26,250, according to HDFC Securities' Nagaraj Shetti.

With the S&P 500 futures, Hang Seng futures, Japan's Topix, and Australia's S&P/ASX 200 all trading higher, the world markets are largely upbeat. Euro Stoxx 50 futures are a little down. The foreign exchange market is comparatively steady, with little movement of the euro, Japanese yen, offshore yuan, and Australian dollar against the US dollar.

Despite worries about demand in other places, especially China, oil prices stayed steady on Thursday, helped by rising fuel demand and falling US stocks. The prices of Brent and U.S. West Texas Intermediate oil futures rose.

Five Indian stocks—ABFRL, Granules, Hindustan Copper, Vodafone Idea, and IEX—are banned for F&O. The domestic institutional investors (DIIs) purchased shares valued at Rs 1,779 crore, while foreign portfolio investors (FPIs) became net sellers at Rs 974 crore on Wednesday.

FIIs' net long position increased, from Rs 3.38 lakh crore on Tuesday to Rs 3.52 lakh crore on Wednesday.

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