Indian Markets Surge as Global Stocks Rally
Nifty 50 and Sensex Gain
Indian markets opened with gains on Friday, following a rally in global stock markets. The Nifty 50 index surged 0.79%, or 191 points, to 24,334.85, while the BSE Sensex gained 646 points, or 0.82%, to open at 79,751.90 points.
Market expert Ajay Bagga noted that strong global cues are supportive for the Indian markets. He mentioned that the risks at the start of the week have reduced significantly, with diplomacy avoiding an Iran attack on Israel and US economic data showing positive trends.
In the broad market indices, Nifty Midcap 50, Nifty Small Cap 100, and Nifty Micro Cap 250 surged more than 1% during the opening session. Sectoral indices like Nifty Auto, Nifty Media, and Nifty IT also led in gains with a surge of more than 1%. Nifty Bank gained 0.91%.
Shrikant Chauhan from Kotak Securities advised reducing weak long positions until the market trades above 24,500 levels. He noted that Bank-Nifty is sustaining above the 50-day SMA level but is struggling to surpass 50,500.
Asian markets also saw significant gains, with Japan’s Nikkei 225 index surging around 3% to 37,800 points. Hong Kong’s Hang Seng index surged more than 1.70%, Taiwan’s Taiwan Weighted index gained 1.95%, and South Korea’s KOSPI surged 1.75%. In the US, the S&P 500 surged by 1.61% and the Nasdaq rallied with a gain of 2.34% on Thursday.
On Wednesday, domestic indices ended a volatile session on a positive note. The Sensex rose by 149.85 points, or 0.19%, to close at 79,105.88, while the Nifty 50 edged up by 4.75 points, or 0.02%, to 24,143.75. The Indian stock market was closed on Thursday for Independence Day 2024.
Doubts Revealed
Nifty 50 -: Nifty 50 is a stock market index in India. It shows the performance of 50 major companies listed on the National Stock Exchange (NSE). Think of it like a report card for these companies.
Sensex -: Sensex is another stock market index in India. It tracks the performance of 30 well-established companies listed on the Bombay Stock Exchange (BSE). It’s like a score that tells us how these companies are doing.
Global stock market rally -: A global stock market rally means that stock prices are going up in many countries around the world. It’s like a big celebration where everyone is happy and buying more stocks.
Ajay Bagga -: Ajay Bagga is a market expert. He studies and gives advice about the stock market, helping people understand why prices go up or down.
Shrikant Chauhan -: Shrikant Chauhan works at Kotak Securities, a company that helps people buy and sell stocks. He gives advice on when to buy or sell stocks to make the most money.
Kotak Securities -: Kotak Securities is a company in India that helps people trade stocks. They provide advice and tools to make trading easier.
Indices -: Indices (plural of index) are like scoreboards that show how a group of stocks is performing. Nifty 50 and Sensex are examples of indices.
Asian and US markets -: Asian and US markets refer to stock markets in Asia and the United States. These markets also affect how stocks perform in India.
Independence Day 2024 -: Independence Day in India is celebrated on August 15th every year. In 2024, it fell on a Thursday, and the stock market was closed for the holiday.
