Sensex strikes 85,000 for very first time, Nifty reluctant of touching 26,000-mark

BSE Sensex for the very first time exceeded 85,000-mark in the very early hours of profession on Tuesday (September 24). Meanwhile, Nifty 50 was floating around 26,000-level.

The Indian benchmark indices proceed their higher energy after the considerable price reduced by the United States Federal Reserve recently.

On Tuesday early morning, the 30-share Sensex struck a landmark of 85,023 while Nifty struck a fresh high of 25,971.

At 10:21 am, Sensex was trading at 85,006.61, up 78.00 factors or 0.092 percent, while Nifty went to 25,964.25, up 25.20 factors or 0.097 percent.

Sensex going across 85,000-mark comes simple 4 days after it exceeded the 84,000-mark. On September 12, it breached the 83,000-mark. The document run from 80,000 till 85,000 factors took place in much less than 12 weeks.

On Tuesday, the most significant gainers amongst Sensex pack were Tata Steel, JSW Steel and Powergrid, while the losers consisted of Hindustan Unilever, Infosys and Bajaj Finance.

BSE Metal index up 2 percent, oil and gas, power were up 0.5 percent each. However, IT index down 0.5 percent.

In Nifty, leading gainers consisted of Tata Steel, Hindalco Industries, JSW Steel, Power Grid Corp and Adani Enterprises, while leading losers were HUL, Bajaj Finance, Infosys, Divis Labs and HDFC Life.

Dr V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, claimed, “Two trends deserve attention. The serious global geopolitical concern continues to be the West Asia where things are getting worse. Israeli strikes on Lebanon have killed hundreds of people triggering concerns.”

“Crude has inched up. Gold and the volatility index are moving up reflecting anxiety. However, the market remains resilient and the undertone continues to be bullish. Investors have to take a call based on these two trends,” Vijayakumar even more claimed.

Meanwhile, market professional Ajay Bagga claimed volatility will certainly be high, offered the month-end and quarter end by-products expiry on Thursday.

“The US dollar is firm and gold is seeing buying as a safe haven given the geopolitical tensions in the West Asia,” Bagga claimed, that mosted likely to include that with a price reduced by significant international economic climates, the Indian market may, nevertheless, adhere to international patterns.

Sensex, Nifty anticipated to trade even more up

“Despite reaching new highs, there are currently no signs of reversal or market fatigue. The established pattern of higher highs and higher lows remains intact, suggesting that the index may aim for a target of 26,250, aligned with the 1.618 per cent Fibonacci extension,” Varun Aggarwal MD, Profit Idea, claimed.

With inputs from firms.