Sensex on the BSE crosses 75,000 for the first time
The main domestic stock market index, the BSE Sensex, broke above the 75,000 mark for the first time on Tuesday, with positive momentum persisting through the early part of the trading day.
On March 6, 2024, the 30-share index first touched the 74,000 mark. It took 24 sessions for it to gain the last 1,000 points. After hitting the 70,000 mark for the first time on December 14, 2023, the Sensex has surged from that level to the 75,0000 level in almost 80 sessions.
On Tuesday, the Sensex reached a fresh high of 75,124.28. Tuesday’s intraday trading saw the NSE Nifty50, the second benchmark, reach a fresh high of 22,765.30. The market saw profit booking as the Sensex dropped 58.80 points, or 0.08%, from the all-time high levels to end at 74,683.70. The NSE Nifty closed at 22,642.75, down 23.55 points, or 0.10%.
The Indian market hit a new intraday high before profit-booking increased in front of tomorrow’s US inflation data, which is significant in predicting potential rate reduction by the US Federal Reserve. Recent better-than-expected US job and industrial figures have raised concerns and may cause expectations about rate reduction this year to change, according to Vinod Nair, head of research at Geojit Financial Services.
Although it was predicted that Nifty will hit a new all-time high in the next fiscal year, Naveen Kulkarni, Chief Investment Officer, Axis Securities PM, said that the rise has happened more quickly than projected.
