Indian stock markets hit a historic milestone on September 25, 2024, as the Sensex crossed the 85,000 mark for the first time, while the Nifty 50 breached the 26,000 level. The S&P BSE Sensex closed at 85,169.87 points, gaining 255.83 points, and the Nifty 50 ended at 26,004.15, up by 63.75 points.
These record highs reflect continued bullish sentiment, driven by various factors including favorable domestic economic indicators and global developments.
The rally in Indian markets has been supported by increased investments from Foreign Portfolio Investors (FPIs), who have injected over ₹50,000 crore into the market in September alone.
This surge has been further bolstered by the U.S. Federal Reserve‘s recent interest rate cut, which led to capital flowing into emerging markets like India, where returns are more attractive due to higher interest rates.
Sector-wise, the Nifty Media index was the top performer, rising 2.94%, while gains in banking, metal, and auto stocks also fueled the rally. PowerGrid, Axis Bank, NTPC, Bajaj Finserv, and Tata Steel emerged as top gainers, with each stock climbing up to 3.91%..
However, despite the record highs, market experts are urging caution. Analysts point out that while the long-term outlook remains bullish, short-term challenges such as global economic uncertainty and shifts in foreign fund flows could impact the market.
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This significant upward movement in the stock markets not only highlights investor optimism but also the resilience of India’s economy, which has been supported by manageable inflation and strong corporate earnings growth. As 2024 progresses, investors are advised to stay vigilant and focus on sectoral trends for future investments.