Sensex tops 85000 mark for the first time, Nifty 50 nears 26000 level
Indian benchmark indices extended their winning streak for the fourth consecutive trading session today, reaching another significant milestone as the S&P BSE Sensex crossed the 85,000 level for the first time, achieving an all-time high of 85,008 points.
Indian benchmark indices extended their winning streak for the fourth consecutive trading session today, reaching another significant milestone as the S&P BSE Sensex crossed the 85,000 level for the first time, achieving an all-time high of 85,008 points, marking the fourth straight session in which the index has recorded new highs.
Similarly, the Nifty 50 also set new records for the fourth consecutive trading day, reaching 25,970 points and coming close to the 26,000 level.
Rupak De, Senior Technical Analyst, LKP Securities, said, “The Nifty continues to climb, making new highs daily. The sentiment remains positive, suggesting a potential rise towards 26,200 in the near term. On the downside, the Nifty may find support around the 21-EMA on the hourly time frame, currently positioned at 25,700. The RSI has given a falling trendline breakout on the daily timeframe. The positive sentiment is likely to persist as long as the index stays above this critical moving average.”
The strong support from the financial services sector and the recovery rally in the auto and realty stocks has contributed significantly to the market’s strength. Additionally, the recovery of PSU stocks is helping the indices achieve record highs.
Out of the 50 constituents of the Nifty 50, 23 are currently trading in green. Tata Steel led the gains with a 3.5 per cent increase, followed by Hindalco Industries, JSW Steel, Power Grid Corporation, HDFC Bank and Tata Motors all are trading with gains between 1 per cent and 3 per cent.
Metal stocks shine on China stimulus boost
Metals stocks emerged as the top gainers today, with the Nifty metal index climbing 2.65%. This surge followed a rare press conference held by People’s Bank of China (PBoC) Governor Pan Gongsheng, who announced a series of support measures amid a deepening economic slump.
In his address, Pan indicated that the central bank would lower the reserve requirement ratio (RRR) for banks by 50 basis points in the near term, effectively reducing the amount of cash banks must hold on hand.
Additionally, he announced a cut in the 7-day repo rate by 0.2 percentage points and hinted at a potential reduction of 0.2–0.25% in the loan prime rate. These measures are aimed at stimulating the economy and addressing growing concerns about its slowing growth trajectory.
The decision to cut rates comes as pressure mounts on Chinese authorities to accelerate fiscal and monetary stimulus to meet this year’s growth target of around 5%.
