Stock Market Today: BSE Sensex Crosses 80,300; Nifty50 Above 24,350 as Bull Run Continues

Historical Context: The Indian stock market has seen significant growth over the years, reflecting the country’s economic development and integration into the global economy. The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) are the two primary stock exchanges in India. The BSE Sensex, established in 1986, is a benchmark index comprising 30 well-established and financially sound companies listed on the BSE. The Nifty50, introduced in 1996, is a benchmark index of 50 major companies listed on the NSE. These indices serve as barometers of the Indian economy and are closely watched by investors globally.

Current Market Performance: On Thursday, the Indian equity benchmark indices, BSE Sensex and Nifty50, reached new lifetime highs in the opening trade. The BSE Sensex crossed the 80,300 mark, while the Nifty50 surpassed 24,350. As of 9:18 AM, the BSE Sensex was trading at 80,199.12, up by 212 points or 0.27%, and the Nifty50 was at 24,351.55, up by 65 points or 0.27%.

Market Trends and Influences: The domestic markets have been on a continuous upward trajectory, supported by strong global trends. On Wednesday, the Nifty crossed the 24,300 mark, and the Sensex surpassed the historic 80,000 level. According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, the ongoing momentum is expected to continue in the near term. The Indian equities market is likely to react to the release of the US Federal Reserve meeting minutes and the Service and Composite PMI data from the US, Europe, and Asia.

Nagaraj Shetti of HDFC Securities suggests that a decisive move above the 24,400 level could open the next upside target of 24,900 in the coming week, with immediate support at 24,110 levels.

Global Market Overview: Global markets showed mixed trends:

• S&P 500 futures remained largely unchanged.
• Hang Seng futures rose by 0.9%.
• Nikkei 225 futures (OSE) increased by 0.5%.
• Japan’s Topix rose by 0.6%.
• Australia’s S&P/ASX 200 increased by 1.1%.
• Euro Stoxx 50 futures remained largely unchanged.

The US dollar was on the defensive due to soft US economic data indicating slowing growth. Oil prices fell as a result of weaker-than-expected US employment and business activity data.

Investor Activity: Foreign portfolio investors (FPIs) turned net buyers, with purchases amounting to Rs 5,483 crore on Wednesday. Domestic institutional investors (DIIs) bought shares worth Rs 924 crore. The net long positions of Foreign Institutional Investors (FIIs) increased from Rs 3.46 lakh crore on Tuesday to Rs 3.78 lakh crore on Wednesday.

Summary:

• BSE Sensex crossed 80,300; Nifty50 surpassed 24,350.
• Sensex trading at 80,199.12, up 212 points (0.27%).
• Nifty50 trading at 24,351.55, up 65 points (0.27%).
• Strong global trends support domestic market highs.
• Key levels: Nifty50 immediate support at 24,110; potential upside target at 24,900.
• Mixed global market trends; US dollar defensive, oil prices fell.
• FPIs net buyers at Rs 5,483 crore; DIIs bought shares worth Rs 924 crore.
• FIIs’ net long positions increased significantly.