Street Update: Sensex Surpasses 60,000, ‘Global Support to Market Rally’ & More

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Street Update: Sensex Surpasses 60,000, ‘Global Support to Market Rally’ & More

By Malvika Gurung -- The domestic market opened in green on Wednesday amid mixed global cues, with benchmark equity index Sensex surpassing the 60,000 mark for the first time since April 5 and stood at 60,194.6 at the time of writing.

At 11:15 am, indices Nifty50 traded 0.6% higher and the 30-scrip Sensex gained 352.4 points or 0.6%, led majorly by a rise in financial and IT stocks (at the time of writing).

Indian markets are taking positive cues from the global uptick, as declining inflation in the US, along with strong corporate earnings and now a higher-than-estimated manufacturing output, instil optimism among investors that the Fed could achieve a soft, less-aggressive monetary tightening to tame inflation.

In addition, inflation in India is also steadily lowering, which in conjunction with strong growth momentum in the economy and FIIs turning consistent buyers are driving the rally in the domestic market. VK Vijayakumar of Geojit Financial Services states that despite valuations being high, it makes sense to remain invested and buy on dips.

He added, “The majority who believed that this is a bear market rally has been decisively proved wrong by the ferocity of the rally that has taken Nifty50 to a mere 4.3% away from the all-time high. It is important to appreciate the fact that there is global support to this rally.”

At the time of writing, all sectoral indices under the Nifty basket except Nifty Auto traded in the green, led by Nifty Media and Nifty IT . Nifty Bank rose 0.25%.

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