Amidst escalated tussle in the Middle East, domestic market indices are touching new highs today. The broad market index BSE Sensex and Nifty 50 surpassed their previous record highs as Sensex breached the 85000 mark while Nifty 50 almost touched 26000 level. Even though geopolitical issues are going on, overall global and Asian market cues have been positive and the US Fed rate cut last week propelled the rally in the domestic market today as well. Another reason for the boost in the market sentiments after a muted start of the session is the upcoming festives, which are supposed to increase the businesses and profits.
Nifty 50 Performance
Nifty 50 today reached a 25981.50 level since the day began. It is currently trading at around 25930.85 at 11.25 am. It is the highest level of Nifty 50 achieved to date. The stocks or the nifty top gainers that are pushing the index up include Tata Steel which gained more than 3% today until now, followed by Hindal Co which gained 1.82% and PowerGrid joins the rally with a surge of 1.77% until now.
Having said that, the stocks that are declining and making the market volatile include Hindustan Unilever, which plunged 1.35% before 11.26 am, followed by HDFC Life, which tanked around 1.29%.
Sensex Performance
Coming to the broad market index of BSE, Sensex surpassed the 85000 level and touched 85058.55, which is the highest in the history of this index. Similar to NSE, on BSE as well, Tata Steel is leading the way with a rise of around 3.41% followed by PowerGrid. On the other side, HUL is in red here as well and lost around 1.51% until now, followed by Nestle India which lost 1.38% until 11.42 am.
Sectoral Performance
Talking about the sectoral performance today, the metal stocks are shining so are the commodities and utility stocks. Nifty Metal index has surged over 2% today since the market opened and this sector is pushing the market upward today all alone as the other sectors are either having muted performance or in red especially the IT and the FMCG sectors which are trading in red since the day begun.
Metal stocks that need an eye today include National Aluminum, which surged 5.40% today until 11.48 am followed by NMDC and SAIL which rose 3.51% and 3.44% respective until 11.49 am.
Global Market
Asian markets are positive today with the stocks touching new highs in the past 2-3 years. This rise in the overall Asian markets can be again attributed to the rate cut in the US. The Hang Seng Index jumped over 3.5% until now and the Shanghai Composite close to 3.6% above yesterday’s level. On the other hand, MSCI’s broadest index spiked and touched the levels last witnessed in 2022’s April.
While the US fed rate cut has been boosting the Asian markets which includes Indian markets too, the US markets are a little sluggish as depicted by its muted performance. The Dow Jones index rose only 0.15% in yesterday’s trading session, similarly, Nasdaq moved up only 0.14%.
Wrapping up
It is quite unexpected to see the markets rising today as huge attacks have been made by Israel on Lebanon. However, it seems that Indian Markets are now irrespective of the geopolitical scenario growing due to its domestic market participants and economic growth factors. However, as the volatility is on the rise, as an investor or trader you must make every investment decision after thorough analysis.
Source: MoneyControl
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