July 29th 2024.
The stock market in Mumbai saw a surge in early trade on Monday, with both the Sensex and Nifty hitting new all-time high levels. This can be attributed to a positive trend in global stock markets and an increase in foreign investments.
The 30-share BSE Sensex rose by a whopping 416.62 points, reaching a record peak of 81,749.34 in the early hours of trading. Similarly, the NSE Nifty also saw a surge of 145.6 points, hitting a fresh lifetime high of 24,980.45.
Several companies from the Sensex pack, including NTPC, State Bank of India, IndusInd Bank, ICICI Bank, and UltraTech Cement, saw a significant increase in their stock values. However, some companies like Titan, Bharti Airtel, ITC, and Tech Mahindra experienced a dip in their stock prices.
In the Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were all trading in the positive territory, indicating a positive trend in the global market. This was further reinforced by the rally in the US markets on Friday.
According to the exchange data, Foreign Institutional Investors (FIIs) bought equities worth Rs 2,546.38 crore on Friday. V K Vijayakumar, the Chief Investment Strategist at Geojit Financial Services, stated that the undercurrent of this bull market has become stronger due to positive cues. He also mentioned that the soft landing scenario for the US economy and the expected rate cut by the Fed in September will provide global support to this bull market.
In a deviation from recent trends, both FIIs and DIIs turned buyers last Friday, resulting in a total buying of Rs 5,320 crore and a sharp increase in the market. The global oil benchmark, Brent crude, also saw a rise of 0.35 per cent, reaching USD 81.41 a barrel.
On Friday, the BSE benchmark saw a jump of 1,292.92 points or 1.62 per cent, settling at 81,332.72, while the NSE Nifty surged by 428.75 points or 1.76 per cent, settling at an all-time closing high of 24,834.85. This indicates a positive outlook for the stock market in the coming days.
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