oppn parties Stock Indices Scale New Closing Heights

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News Snippets

  • The Indian envoy in Bangladesh was summoned by the country's government over the breach in the Bangladesh mission in Agartala
  • Bank account to soon have 4 nominees each
  • TMC and SP stayed away from the INDIA bloc protest over the Adani issue in the Lok Sabha
  • Delhi HC stops the police from arresting Nadeem Khan over a viral video which the police claimed promoted 'enmity'. Court says 'India's harmony not so fragile'
  • Trafiksol asked to refund IPO money by Sebi on account of alleged fraud
  • Re goes down to 84.76 against the USD but ends flat after RBI intervenes
  • Sin goods like tobacco, cigarettes and soft drinks likely to face 35% GST in the post-compensation cess era
  • Bank credit growth slows to 11% (20.6% last year) with retail oans also showing a slowdown
  • Stock markets continue their winning streak on Tuesday: Sensex jumps 597 points to 80845 and Nifty gains 181 points to 24457
  • Asian junior hockey: Defending champions India enter the finals by beating Malaysia 3-1, to play Pakistan for the title
  • Chess World title match: Ding Liren salvages a sraw in the 7th game which he almost lost
  • Experts speculate whether Ding Liren wants the world title match against D Gukesh to go into tie-break after he let off Gukesh easily in the 5th game
  • Tata Memorial Hospital and AIIMS have severely criticized former cricketer and Congress leader Navjot Singh Sidhu for claiming that his wife fought back cancer with home remedies like haldi, garlic and neem. The hospitals warned the public for not going for such unproven remedies and not delaying treatment as it could prove fatal
  • 3 persons died and scores of policemen wer injured when a survey of a mosque in Sambhal near Bareilly in UP turned violent
  • Bangladesh to review power pacts with Indian companies, including those of the Adani group
D Gukesh is the new chess world champion at 18, the first teen to wear the crown. Capitalizes on an error by Ding Liren to snatch the crown by winning the final game g
oppn parties
Stock Indices Scale New Closing Heights

By Linus Garg
First publised on 2024-04-11 03:31:30

About the Author

Sunil Garodia Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

The stock indices in India - Nifty and Sensex - breached an important psychological barrier on Tuesday and Wednesday. On Tuesday, both indices achieved new life-time highs in intra-day trading. The Sensex breached the 75000 barrier and the Nifty 22750 but they closed lower due to profit-taking in closing trades. But the momentum was too strong and on Wednesday, buyers emerged to push back the sellers and Sensex gained 354 points to close at 75038 and Nifty 111 points to end at 22754, the first time ever that the indices had closed above 75000 and 22750.

With reports of inflation picking up in the US reducing the chances of an early rate cut by the US Fed, this rally in Indian markets is going to continue. On Wednesday too, foreign funds were more active than domestic ones. The BSE market capitalization stood at Rs 402 lakh crore at the close of Wednesday's trading, another life-time high. The Sensex was 25000 in 2015 and has trebled in just a little over 9 years.

The rally in the market is due to a host of factors - upbeat domestic growth figures, rising rural demand, good earnings in several sectors, a huge jump in new retail investors, a general perception that the Indian economy is resilient and the best bet for growth in a situation where other economies, including that of China, are reporting slowdowns, and foreign funds' continued support as US interest rates are not likely to be reduced anytime soon.

On Wednesday, although the Indian markets rose to scale new heights, they could not match the bull run at their Asian peers. Metal shares rose on the day to propel the indices. The Indian markets will remain closed today (April 11) due to Id Ul Fitr but the Asian markets (except Shanghai) are all enjoying an extended rally. Hence, is is safe to assume that the rally in the Indian markets will continue on Friday if foreign funds remain net buyers and there is no inordinately high level of profit-taking. 

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