Market ends weak amid selling across sectors
At close, the Sensex was down 820.97 points or 1.03% at 78,675.18, and the Nifty was down 257.80 points or 1.07% at 23,883.50.
With the Sensex surpassing 85,000 for the first time, economists said on Tuesday that the Indian Indices can even reach the historic 1-lakh mark this year itself, given the robust bull run, strong investors’ sentiment and sound fundamentals.
Domestic equities crossed another milestone with Sensex crossing above 85,000 and Nifty crossing 26,000, reflecting robust buying across sectors.
Dr Manoranjan Sharma, Chief Economist at Infomerics Ratings, told IANS that Sensex crossing the magical 1 lakh mark this year cannot be ruled out due to a robust bull run.
Advertisement
“The 1 lakh mark will be reached shortly whether this year or early next year. It would be too steep a climb but India is certainly in the midst of a bull run in the stock market,” said Dr Sharma.
There are several positive factors for the current bull run the Indian indices are going through — like the US Fed rate cut, and the Chinese central bank taking a series of actions at the global level.
“At the national level, government policy continuity, strong foreign inflows, consumption picking up, capital expenditure doing well, and growth rate again doing well are the factors for the Sensex to touch new highs,” Dr Sharma told IANS.
The market momentum was further bolstered by a bullish outlook on India’s economic growth, supported by expectations of structural reforms and Investor optimism around the Indian economy’s ability to withstand global headwinds.
At closing, Sensex was down 14 points at 84,914 and Nifty was up one point at 25,940. Selling was seen in the banking stocks. Nifty Bank settled at 53,968, down 137 points or 0.25 per cent. In the Sensex pack, Tata Steel, Power Grid, Tech Mahindra, HCL Tech, M&M, JSW Steel, Wipro, Tata Motors, HDFC Bank, Sun Pharma, Bharti Airtel, Maruti Suzuki, TCS, and L&T were the top gainers.
According to economists, despite escalating geopolitical concerns in the Middle East, the Indian stock market remained resilient, with the Sensex and Nifty achieving new record highs for the fourth consecutive session.
Advertisement
