Indian stock markets opened at a new high on Friday, with both indices continuing the bull run. The Nifty 50 index opened closer to its 52-week high, while the Sensex opened above the 83,000 mark for the first time.
The Nifty 50 index opened at 25,430.45, gaining 41.55 points or 0.16 percent, while the BSE Sensex opened at 83,091.55 points, a surge of 128.84 points or 0.16 percent.
Global markets are rallying ahead of the Fed rate cuts, and Indian markets are continuously reaching new highs, reflecting strong investor confidence.
“The focus is totally on the Fed action and Fed speak of Sep 18th. But the Sep 12th Indian markets action is pointing to a classical flows pattern of equity markets getting inflows as the US dollar weakens on the back of Fed rate cuts. Markets will move sharply in anticipation of this. Some minor risk off is possible early next week, in the lead up to the FOMC announcement on Sep 18th night time in India. FIIs have cut the “caution” out from our “cautious optimism” and made us ardently “optimistic” said Ajay Bagga, Banking and market expert.
In the sectoral indices on the National Stock Exchange, Nifty Media led in gains, followed by Nifty Metal and Nifty PSU Bank.
