Indian stock markets opened higher on Friday, June 28th, 2024, continuing their recent upward trend. Both major indices, the Sensex and the Nifty 50, reached new record highs in early trading.
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♦ The Sensex climbed over 200 points to near 79,500, while the Nifty 50 crossed 24,100 for the first time ever.
This positive start comes after both indices closed at new all-time highs on Thursday as well.
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Sectoral Performance
Most sectors on the NSE Nifty saw gains in the opening trade. These included banking, financial services, consumer goods, IT, media, metals, pharmaceuticals, and others. The Bank Nifty index, however, showed a more modest increase.
Investor Activity
Foreign investors continued to be net buyers in the Indian market, purchasing shares worth over ₹7,658 crore on Thursday. This positive sentiment is likely due to India's upcoming inclusion in a global index, which could attract further foreign investment.
Global Cues
Asian markets were trading higher on Friday morning, providing a positive backdrop for the Indian markets. Oil prices were mixed, with WTI crude showing a slight increase, while Brent crude prices were slightly down. The US dollar index also edged lower. US markets closed with mixed results on Thursday.
Indian benchmark indices reached all-time highs, with #Nifty breaking beyond 24,000 for the first time. The Nifty was up 175.70 points at 24,044.50, and the #Sensex was up 568.93 points, or 0.72 percent, at 79,243.18 at the closing. @NSEIndia @BSEIndia #StockMarket #Nifty50 pic.twitter.com/S1PymCtTJ0— VYGR News (@Vygrofficial) June 27, 2024
Market Outlook
The Indian stock market appears optimistic for the short term, but its future performance will depend on global economic conditions and investor sentiment.
Inputs from multiple agencies
Media sources: multiple
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