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Sensex Today: Both the Indian benchmark indices, BSE Sensex and Nifty 50 hit fresh record highs in Thursday’s intra-day trade, after opening in the red.
Around 3:00 PM, the BSE Sensex was up 0.43 per cent at 82,139, while the Nifty 50 was at 25,149, up 0.39 per cent, after both the benchmark indices touched fresh all-time highs at 82,285 and 25,192, respectively.
Meanwhile, investors in the domestic market would also have their eyes peeled for the Mukesh Ambani-led Reliance Industries Annual General Meeting, scheduled for this afternoon.
Weak global cues and the consequent weak openings have proved to be opportunities to buy in the domestic market. This pattern may persist. A significant feature of the near-term market trend is that it is resilient and steadily moving up without sharp spurts thereby preventing a spike in valuations in the largecap category. The recent accumulation of IT stocks stems from the confidence that the soft landing scenario in the US economy will lead to execution of the orders on which the IT companies have been sitting for some time now, said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global Cues
In the Asia – Pacific markets, UBS, on Wednesday, cut its 2024 GDP growth forecast for China to 4.6 per cent from 4.9 per cent which may weigh on investors’ minds.
The US markets closed lower on Wednesday, with the S&P 500 finishing down 0.60 per cent, while the Nasdaq Composite up 1.12 per cent. The Dow Jones Industrial Average slipped 0.39 per cent.
Stocks in Asia slipped as Nvidia Corp. earnings lacked the wow factor to impress investors, while Chinese results helped extend a selloff in the country’s tech companies.
MSCI’s Asia-Pacific gauge declined 0.5 per cent, dragged by chipmakers Taiwan Semiconductor Manufacturing Co. and SK Hynix Inc. A gauge of Chinese tech stocks fell more than 2 per cent in Hong Kong. Nvidia slumped more than 8 per cent in post-market trading following a sales forecast that disappointed some on Wall Street.
Japan’s Nikkei shed 0.45 per cent, Australia’s ASX200 0.6 per cent, and South Korea’s Kospi 0.78 per cent.
