Mumbai: The stock market unveiled a spectacular opening today, propelling both the Sensex and Nifty indices to unprecedented all-time highs.
The day commenced with a dazzling surge, with Sensex surging by an impressive 275.62 points to an extraordinary 72,323.34. In tandem, Nifty painted a picture of optimism, marked by a spirited rise of 75.25 points and kicking off the trading day at an electrifying 21,737.70.
Thursday witnessed a robust opening in the stock market, with both Sensex and Nifty reaching unprecedented highs. Sensex soared by 275.62 points, opening at 72,323.34, while Nifty surged by 75.25 points, starting the day at 21,737.70.
In the Nifty index, 41 companies experienced advances, while 9 faced declines. Top gainers included JSW Steel, NTPC, Apollo Hospital, BPCL, and Bajaj Finserv. Conversely, Bajaj Auto, Asian Paints, Ultra Cement, Britannia, and Infosys found themselves among the top losers.
Varun Aggarwal, founder and managing director, Profit Idea, said, “Considering the positive trends in chart patterns, like higher tops and bottoms, it seems the market is moving toward new highs. However, it’s essential to be cautious as there’s no confirmed indication of a reversal at these high levels. Given the circumstances, it might be a good time to sell some small-cap stocks and invest in high-quality large caps and Public Sector Undertakings (PSUs) to capitalize on potential opportunities.”
Aggarwal added, “Gold prices reached a three-week high as traders invested in zero-yield bullion, anticipating future US interest-rate cuts. The dip in the dollar and bond yields further supported gold prices”.
Analyzing the positive trends in chart patterns, such as higher tops and bottoms, it suggests a market moving confidently towards new highs. However, investors are urged to remain cautious, as there is no confirmed indication of a reversal at these elevated levels.
In light of the current scenario, market experts recommend selling some small-cap stocks and redirecting investments towards high-quality large caps and Public Sector Undertakings (PSUs) to seize potential opportunities.
Gold prices witnessed a significant surge, reaching a three-week high. Traders strategically invested in zero-yield bullion, anticipating future US interest-rate cuts. The decline in the dollar and bond yields further propelled the rally in gold prices.