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19 Nov 2024
Indian stock market today, on September 20, reached new heights. While Sensex went up 1.63%, it closed at 84,544.31. Nifty 50, on the other hand, gained 1.48% and closed at 25,790.95. It marked Sensex's first high, crossing the 84,000 mark.
Different factors contribute to this remarkable rally, beginning with Political Global Cues.
The major global markets experienced stronger buys, in particular, the United States, wherein the Nasdaq surge was 2.51%, while the S&P climbed up 1.70%. Recent cut in the interest rate of 50 basis points by the Federal Reserve helped in creating a favorable environment for the emerging markets, India, and others.
US Rater cut, a decision by the Fed to lower the interest rates, became another crucial factor as it increased the risk appetite among the investors. It led to further cuts through 2026 expectations, thereby enhancing Indian equity's attractiveness.
Investment within global equities was also encouraged by the eased-up recession concerns. Recently released jobless claims data by the US that was lower than the expected rate, it brought in fears of a looming recession. It suggested the economic stability and promoted growth in ways that are now visible in trends.
The banking sector rallied, and robust growth within the banking sector supported the overall market gains. The Nifty Bank index saw a rise of 2% approx., reaching the record high. It was driven by the stronger performances from the key banks like HDFC and ICICI.
Lastly, the technical support comes out to be the factor supporting the surge. It’s been indicated by analysts that the breakout of market remains intact, as long as it would stay above the critical support levels of 82,700 for Sensex and 25,500 for Nifty, with the potential targets of 85,000 and 26,000.
BSE-listed firms' overall market capitalization increased by ₹6 lakh crore approx in a day. It reflects upon the heightened confidence amidst the backdrop of the positive economic indicators.
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