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Indian Markets Surge to New Highs

During the Thursday session, both indices crossed significant milestones, the Nifty index surpassed the 24,000 mark, while the Sensex crossed the 79,000 mark…reports Asian Lite News

Indian markets continued their bull run on Thursday with both benchmark indices, Nifty and Sensex, breaking records and reaching new highs.

Nifty closed at a record high of 24,044 points, surging more than 0.74 per cent or 175 points. The BSE Sensex also closed at a historic high of 79,243.18, gaining more than 0.72 per cent or 568.93 points.

During the Thursday session, both indices crossed significant milestones, the Nifty index surpassed the 24,000 mark, while the Sensex crossed the 79,000 mark.

“The Nifty continued moving up as the bulls took the index to a new all-time high. The Nifty made new all-time highs for the last three consecutive sessions, showing signs of resilience amid global sluggishness. The trend remains positive for the short term or until it breaks below 23,800. On the higher end, the index might move towards 24,200,” said Rupak De, Senior Technical Analyst, LKP Securities.

Notably, the Nifty 50 achieved its second-fastest 1,000-point rally, taking just 23 trading sessions to move from 23,000 to 24,000. Among the top gainers on the Nifty 50 were Ultratech Cements, LTIMindtree, NTPC, Grasim Industries, and Wipro, while Shriram Finance, L&T, Divi’s Lab, Bajaj Auto, and Eicher Motors saw a decline.

In the broader market, the BSE MidCap and SmallCap indices faced minor losses of 0.1 per cent and 0.6 per cent, respectively. Sector-wise, Nifty IT led the gains with a rise of 1.5 per cent, followed by the Private Bank and Financial Services indices, both up by 0.4 per cent.

Meanwhile, global markets observed stability in oil prices despite concerns over increased US stockpiles and geopolitical tensions in the Middle East. In the commodities market, spot gold continued its decline on inflation worries and hawkish comments from the Federal Reserve, closing at USD 2,299, down by 0.87 per cent. The ten-year US Treasury yield surged over 2 per cent to reach 4.33 per cent, while the US Dollar Index strengthened to 106, up by 0.42 per cent. (ANI)

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