Indian Markets Surge as Global Markets Rally: Sensex and Nifty Open Higher
Indian benchmark indices opened with gains on Tuesday, driven by positive trends in Asian and US markets. Experts believe this rally could push markets to new all-time highs.
Market Performance
The Nifty 50 index opened with a gain of 76.25 points or 0.31% at 24,648.90 points, while the BSE Sensex surged by 297.86 points or 0.37% to 80,722.54 points.
Expert Opinion
Ajay Bagga, a Banking and Market Expert, stated, “Global cues remain positive, setting a bullish tone for the Indian markets as well. US markets have now rallied for 8 days in a row, recovering over USD 3 trillion of market cap from the August lows. With geopolitical tensions contained for now and with Japanese Yen carry trades returning to the markets, big clouds have been lifted from the risk horizon.”
He added, “We anticipate Indian markets to push for new all-time highs in this momentum. Huge inflows have been reported into global and US equity funds over the last week, which give strength to the markets.”
Sectoral and Broader Market Indices
In the Nifty 50 list at the opening, 46 stocks advanced while 3 declined, and one remained unchanged. Nifty Midcap Select led with a gain of 0.62%, while Nifty Next 50 and Nifty Small Cap also followed the rally with a surge of around 0.3%. Nifty Metal outshone other sectoral indices with a gain of 0.69%, emerging as the top gainer. Nifty Auto surged 0.44%, and Nifty Bank was marginally up with a lead of 0.10%.
Global Market Trends
In the Asian markets, Japan’s stock market rallied on Tuesday. The Nikkei index surged with a gain of more than 1.65% or 627 points to 38,015.87 points. Other Asian markets also surged with marginal gains. Taiwan’s index, Taiwan Weighted, gained 0.28%, South Korea’s index, KOSPI, surged 0.84%, and Indonesia’s Jakarta Composite gained 0.75%.
In the US markets, both the S&P 500 and Nasdaq closed with a surge of 0.97% and 1.39% on Monday.
Previous Day’s Performance
The Indian benchmark indices Sensex and Nifty closed flat on Monday. The Sensex fell 12 points to 80,425, while the Nifty rose 31 points to 24,573. Nifty Bank fell 149 points to 50,368, while the Midcap Index gained 105 points to 57,761.
Upcoming Events
Later this week, investors will keep an eye on US Fed Chief Jerome Powell’s speech at the Jackson Hole symposium.
Doubts Revealed
Sensex -: Sensex is a stock market index in India that shows how the shares of 30 big companies are doing. It’s like a report card for the stock market.
Nifty 50 -: Nifty 50 is another stock market index in India. It tracks the performance of 50 major companies listed on the National Stock Exchange (NSE).
BSE -: BSE stands for Bombay Stock Exchange. It’s one of the oldest stock exchanges in India where people buy and sell shares of companies.
Global Markets -: Global markets refer to stock markets around the world, like in the US, Europe, and Asia. They can affect how the Indian market performs.
Ajay Bagga -: Ajay Bagga is a market expert who knows a lot about how stock markets work. He gives advice and shares his opinions on market trends.
Sectoral indices -: Sectoral indices are groups of stocks from the same industry, like metal or auto companies. They show how that particular industry is performing.
Nifty Metal -: Nifty Metal is an index that tracks the performance of metal companies listed on the NSE.
Nifty Auto -: Nifty Auto is an index that tracks the performance of automobile companies listed on the NSE.
S&P 500 -: S&P 500 is a stock market index in the US that tracks the performance of 500 large companies.
Nasdaq -: Nasdaq is another stock market index in the US, known for including many technology companies.