Stock Market Today: BSE Sensex Surpasses 80,000 for the First Time; Nifty50 Reaches New Record High

In today’s trading session, the Indian stock market saw significant milestones as both the BSE Sensex and Nifty50 reached new all-time highs. The 30-share BSE Sensex crossed the 80,000 mark for the first time, while the Nifty50 hit a new peak of 24,292. As of 9:22 AM, the BSE Sensex was trading at 79,935.12, up by 494 points or 0.62%. Meanwhile, the Nifty50 was at 24,257.60, an increase of 134 points or 0.75%.

On Tuesday, the Nifty experienced some profit booking after surpassing the 24,200 level. Motilal Oswal Financial Services commented that they expect the current momentum to continue, with Nifty consolidating at higher levels. They also noted that upcoming events, such as the speech by FED Chairman Powell and the release of meeting minutes, could introduce some volatility.

Nagaraj Shetti from HDFC Securities mentioned that the Nifty remains strong according to long-term charts, and the upward momentum is likely to resume after a period of consolidation. The immediate support level is at 23,980, with the next resistance level around 24,400.

Global markets showed mixed trends. S&P 500 futures and Nasdaq 100 futures remained mostly unchanged. Hang Seng futures rose by 0.5%, Japan’s Topix increased by 0.2%, Australia’s S&P/ASX 200 went up by 0.3%, and Euro Stoxx 50 futures also rose by 0.3%.

In the forex market, the euro, Japanese yen, offshore yuan, and Australian dollar showed little change against the US dollar. Oil prices saw a slight increase in early Asian trade on Wednesday. Brent crude oil futures went up by 16 cents to $85.60 a barrel, and U.S. West Texas Intermediate crude futures rose by 14 cents to $82.95 per barrel. This rise was attributed to industry data indicating a larger-than-expected draw in U.S. crude stockpiles, raising hopes for strong fuel demand during the summer driving season in the United States.

India Cements and Indus Tower are the two stocks under the F&O ban today. On Tuesday, foreign portfolio investors turned net sellers, offloading shares worth Rs 2,000 crore, while domestic institutional investors bought shares worth Rs 648 crore. The Indian rupee depreciated by 4 paise to settle at 83.48 against the US dollar, influenced by a strong dollar in the overseas market and high global crude oil prices. The net long positions of Foreign Institutional Investors (FIIs) decreased from Rs 3.5 lakh crore on Monday to Rs 3.46 lakh crore on Tuesday.