 "Sensex and Nifty 50 hit record highs before closing slightly lower, fueled by optimism from global markets and US rate cuts.")
On September 24, 2024, the Indian stock Market witnessed a major milestone as the benchmark indices Sensex and Nifty 50 hit all-time intraday highs, surpassing 85,000 and 26,000, respectively. The Sensex reached a peak of 85,163 but closed slightly lower at 84,914, while the Nifty 50 closed at a record 25,940 after hitting an intraday high of 26,012. This surge was influenced by a 4 percent rise in Chinese equity markets and positive expectations of increased foreign investments following a 50 basis point rate cut by the US Federal Reserve. Notably, the Sensex gained 5,000 points in just 57 days, indicating strong Market momentum and optimism among investors.
Benchmark indices Sensex and Nifty 50 achieved historic intraday highs on Tuesday, surpassing the 85,000 and 26,000 marks for the first time, although both indices retreated slightly before closing. The 30-share Sensex peaked at 85,163 but ended the day at 84,914, reflecting a decrease of 14.57 points, or 0.02 percent, from the previous day. Similarly, the broader Nifty 50 reached an intraday high of 26,012 before settling at 25,940, marking a new closing record with a slight increase of 1.35 points, or 0.01 percent.
This surge in the stock Market coincided with a 4 percent rally in Chinese equity markets, prompted by new measures aimed at revitalizing the struggling property sector. Investor sentiment has been further lifted by expectations of increased foreign investment following a recent 50 basis point rate cut by the US Federal Reserve. The Sensex’s latest growth of 5,000 points, or 6.36 percent, occurred over 57 days, reflecting a similar pace as the increase from 75,000 to 80,000. Meanwhile, the Nifty 50’s recent 1,000-point rise of 3.7 percent took 37 days, a contrast to its prior gain of 4.11 percent, which was achieved in just 24 days.
The positive developments in the stock Market indicate resilience and optimism among investors, fueled by supportive economic measures both domestically and internationally.
Tags: Stock Market, Sensex, Nifty 50, Intraday High, Foreign Investment, Economic Measures, Chinese Equity Markets.
What does it mean that Sensex scaled 85K and Nifty topped 26K?
This means that the Sensex and Nifty, which are stock Market indices in India, reached their highest numbers ever, showing strong Market performance.
Why did the Market retreat after reaching these milestones?
The Market might retreat due to profit-taking by investors or concerns about future economic conditions, even after hitting record highs.
Is it a good time to invest now that the indices have reached such high levels?
Investing always carries risks. Some investors might see it as a good time to buy, while others may prefer to wait for a better price after any Market corrections.
What should investors focus on after the Market reaches these highs?
Investors should focus on the overall Market trends, company performances, and any news that could affect the economy or specific sectors.
Will these milestones impact the economy positively?
Generally, high stock Market indices can reflect a strong economy, but other factors should also be considered for a full picture of economic health.
