Athira Sethu
Kochi, 24 September 2024
Sensex and Nifty rose for the fourth consecutive day on September 24 as metal and energy stocks soared.
Markets opened a little weak, but quickly gained pace. Nifty touched fresh intraday high of 25,981.50 and Sensex scaled an all-time high of over 85,000 as it touched an intraday high of 85,058.
More than 1,800 shares increased, while around 1,200 shares declined, and some remained flat in the early trade.
The markets were pretty strong, despite this challenge of rising oil prices following rising tensions in the Middle East, particularly after Israeli’s intensive strikes on Lebanon. Prices of gold and the volatility index also rose, indicating some caution on the market front. However, experts believe the overall sentiment remains good and the markets will continue to soar.
FIIs have resumed their investments in the Indian markets since last week, and this continues to push up key banking stocks. Nifty Bank has risen for the ninth session in a row. The Nifty IT index, meanwhile, was on a consolidation mode in the early morning trade.
According to some analysts, if this continues in the same manner, the markets will even touch new heights by Diwali.
The Nifty Metal index picked up nicely, up nearly 2%, with the help of Tata Steel, Hindalco, and JSW Steel, as China announced a new set of economic stimulus measures. IT stocks such as Infosys, TCS, and HCLTech declined due to the fear of weak growth in IT this quarter.
US markets, too, closed higher following the 50 basis points cut in interest rates by the Federal Reserve. This, along with global optimism, has further boosted sentiments in the Indian markets.
