Mumbai: The stock market on Tuesday opened on a flat note but immediately Sensex crossed the 85,000 mark at 85,001.42 and NSE touched an all-time high of 25,975 points mainly on account of global optimism.
Market expert Ajay Bagga says, "Indian market futures are pointing to a positive open. However, volatility will be high , given the month-end and quarter-end derivatives expiry on Thursday. The US dollar is firm and Gold is seeing buying as a safe haven given the geopolitical tensions in West Asia."
However, Bagga added that with a rate cut by major global economies, the Indian market may follow global trends.
"Chinese PBOC announced rate cuts, bank reserve cuts and some stimulus measures to boost its property market and economy. Hong Kong and China shares are rallying post that . US markets marked a positive day on Monday as Fed senior speakers reiterated support for further rate cuts in the future. Geopolitical tensions are escalating with Israel's bombing of Hezbollah units based in Lebanon. Eurozone growth numbers were muted," said Ajay Bagga.
Among the sectors at the National Stock Exchange (NSE), Bank, Auto, Financial Services, Media, Metal, Pharma, Healthcare, Consumer Durables, and Oil and Gas opened in the green territory. On the other hand, the sectoral stocks of Financial Services, FMCG,, IT, PSU Banks, Private Banks and Realty opened in red.
The top gainers in the initial hour of the market are Tata Steel, JSW Steel, Hindalco, Power Grid and Nestle India, while the stocks of Infosys, Bajaj Finance, Wipro, Hindustan Unilever, and Divis Labs were the top losers.
"Despite reaching new highs, there are currently no signs of reversal or market fatigue. The established pattern of higher highs and higher lows remains intact, suggesting that the index may aim for a target of 26,250, aligned with the 1.618 per cent Fibonacci extension," said Varun Aggarwal MD, Profit Idea.
"Market sentiment remains optimistic, with a projected upward movement toward 26,200 in the near term. Key support is anticipated around the 21-EMA (Exponential Moving Average) at 25,700," he added.
Here's the timeline of the previous milestone
September 24, 2024: Sensex breaches 85,000 Mark
July 3, 2024: Sensex Breaches 80,000 Mark
December 11, 2023: Sensex Breaches 70,000 Mark
July 3, 2023: Sensex Breaches 65,000 Mark
September 24, 2021: Sensex breaches 60,000 Mark
January 21, 2021: Sensex breaches 50,000-mark
December 4, 2020: Sensex crosses 45,000 mark on hopes of economic recovery amid slump caused by Covid-19
May 23, 2019: Breaches 40,000-mark as BJP retains power
August 9, 2018: Sensex crossed the 38,000 on account of India’s economic growth expectations.
January 23, 2018: Sensex touched record high of 36,000 on the back of IMF’s prediction about India’s growth, which boosted the investor sentiment.
January 17, 2018: Settles above 35,000-mark for first time ever
March 4, 2015: Breaches 30,000-mark after the RBI cut policy repo rates : Sensex spurred to 30,000 backed by global liquidity provided by central banks of major economies.
May 16, 2014: Surpasses 25,000-mark as Narendra Modi-led BJP wins the 13th Lok Sabha election.
December 11, 2007: Closes above the 20,000-mark : On the back of the rise in investments from foreign institutional investors and aggressive retail buying, Sensex touched the 20,000 level for the first time in 2007.
February 7, 2006: Closes above the 10,000-mark for first time ever : Owing to a sharp run in commodity pricing, Sensex touched the 10,000 mark in 2006.
August, 2005: BSE becomes a corporate entity and offers shares to its members.
October 11, 1999: Crosses the 5,000-mark as the BJP-led coalition won majority in the Lok Sabha election.
July 25, 1990: Touches four-digit figure for the first time; closes at 1,001 in wake of a good monsoon and excellent corporate results and also backed by the boom in the technology sector.
January 1, 1986: Sensex launch by BSE with a base price of 100 (base year 1978-79)
