Indian Markets Surge Amid Global Rally, Eye All-Time Highs

Indian benchmark indices opened with gains on Tuesday, driven by rallies in Asian and US markets. Experts anticipate new all-time highs as global cues remain positive. The Nifty 50 and BSE Sensex indices surged, with significant inflows reported into global and US equity funds over the past week.

Indian benchmark indices experienced an uplift on Tuesday, buoyed by rallies in Asian and US markets. Financial experts suggest that this rally could push markets to unprecedented heights. The Nifty 50 index saw an increase of 76.25 points, or 0.31%, reaching 24,648.90 points, while the BSE Sensex rose by 297.86 points, or 0.37%, hitting 80,722.54 points.

Ajay Bagga, a banking and market expert, commented, "Global cues remain positive, setting a bullish tone for the Indian markets as well. US markets have now rallied for 8 days in a row, recovering over USD 3 trillion of market cap from the August lows. With geopolitical tensions contained and Japanese Yen carry trades returning, significant risks have been mitigated." He added, "We anticipate Indian markets to push for new all-time highs in this momentum. Substantial inflows have been observed into global and US equity funds this past week, strengthening the markets."

Among the Nifty 50, 46 stocks advanced at the opening, while only 3 declined, and one stayed unchanged. The broader market showed gains with Nifty Midcap Select rising by 0.62%, followed by Nifty Next 50 and Nifty Small Cap surging around 0.3%. Nifty Metal led the sectoral indices with a 0.69% increase, outperforming other sectors. Meanwhile, Nifty Auto went up by 0.44%, and Nifty Bank showed a modest increase of 0.10%.

In Asia, Japan's stock market saw a notable rally with the Nikkei index gaining more than 1.65%, reaching 38,015.87 points. Other Asian markets also registered modest gains: Taiwan's Weighted index climbed by 0.28%, South Korea's KOSPI surged 0.84%, and Indonesia's Jakarta Composite increased by 0.75%. In the US, the S&P 500 and Nasdaq witnessed gains of 0.97% and 1.39% respectively on Monday.

On Monday, Indian indices saw mixed responses with the Sensex closing 12 points lower at 80,425, while the Nifty rose by 31 points to 24,573. Nifty Bank dropped by 149 points to 50,368, whereas the Midcap Index gained 105 points, reaching 57,761. Later this week, investors are keenly watching for US Federal Reserve Chief Jerome Powell's speech at the Jackson Hole symposium. (ANI)