Indian markets opened at a record high today, with Nifty starting at 25,030.95, up by 92.15 points (0.37%) from the previous close. The BSE Sensex also hit a record high of 82,082 after opening at 81,949.68, gaining 208.34 points (0.25%).
Experts attribute this surge to positive global market trends and hints of a rate cut by Fed Chair Jerome Powell as early as September.
“The Fed chief signaling a possible rate cut in September is a positive for global equity markets. His comments on the US economy normalizing are encouraging for investors. The drop in the 10-year US bond yield to 4.05 is significant and might stop or reverse the recent FII selling in the cash market,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
In the Nifty 50, Maruti, JSW Steel, Hindalco, Coal India, and Tata Motors were the top gainers, while Mahindra & Mahindra, BPCL, Infosys, Ultratech Cement, and Sunpharma were the top losers. The broader market indices on the NSE also gained, with all sectoral indices opening positively.
Over the last six months, the Nifty 50 has increased by more than 15%, while the BSE Sensex has risen by over 14%. The Indian markets have been on an upward trend since the budget announcement by the central government on July 23.
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