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Stock Market Today: Sensex Hits Record High, Nifty Surpasses 24,900 For The First Time

On July 19, benchmark stock market indices opened on a positive note, driven by favorable developments in the US economy and sustained momentum from Q1 results. The BSE Sensex surged to an all-time high of 81,720.25 at the opening bell, while the NSE Nifty50 rose to 24,980.45, edging closer to the 25,000 milestone. Other broader […]

Stock Market Today: Sensex Hits Record High, Nifty Surpasses 24,900 For The First Time
Stock Market Today: Sensex Hits Record High, Nifty Surpasses 24,900 For The First Time

On July 19, benchmark stock market indices opened on a positive note, driven by favorable developments in the US economy and sustained momentum from Q1 results. The BSE Sensex surged to an all-time high of 81,720.25 at the opening bell, while the NSE Nifty50 rose to 24,980.45, edging closer to the 25,000 milestone. Other broader market indices also started the trading session on a strong footing.

The top five gainers on the Nifty50 were NTPC, BPCL, ICICI Bank, SBI, and Shriram Finance. Conversely, Dr. Reddy’s Laboratories, Titan, Cipla, Tata Consumer Products, and SBI Life were among the biggest losers.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, commented on the market’s performance, stating, “The undercurrent of this bull market has turned stronger on positive cues. Both the expectation of a rate decrease by the Fed in September and the soft landing forecast for the US economy remain unchanged. This will provide this bull market support on a worldwide scale. The decline in the US 10-year bond yield to 4.17% and the drop in Brent crude to $81.2 are other supporting factors.”

Dr. Vijayakumar also highlighted the shift in investor behavior, noting, “In a departure from recent trends, both FIIs and DIIs turned buyers last Friday, resulting in a total buying of ₹5,320 crores, pushing the market sharply up. DIIs, which were sitting on cash waiting for clarity on tax proposals in the Budget, have started deploying funds, particularly in quality large caps, which explains the sharp rally in the Nifty.”

Discussing the outlook, he added, “In the current scenario, the market will likely ignore valuation concerns and march ahead. ICICI Bank has posted good Q1 numbers. However, the market is largely ignoring the positive results of banking stocks due to fears of potential margin compression caused by slow growth in deposits.”

This bullish trend in the Indian stock market reflects broader positive sentiments and strategic investor decisions amidst evolving global economic conditions.

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