Live
- PM Modi highlights govt's efforts to make Odisha prosperous and one of the fastest-growing states
- Hezbollah fires 200 rockets at northern, central Israel, injuring eight
- Allu Arjun's Family Appearance on Unstoppable with NBK Breaks Viewership Records
- Unity of hearts & minds essential for peace & progress, says J&K Lt Governor
- IPL 2025 Auction: I deserve Rs 18 cr price, says Chahal on being acquired by Punjab Kings
- EAM Jaishankar inaugurates new premises of Indian embassy in Rome
- Sailing vessel INSV Tarini embarks on second leg of expedition to New Zealand
- Over 15,000 people affected by rain-related disasters in Sri Lanka
- IPL 2025 Auction: RCB acquire Hazlewood for Rs 12.50 cr; Gujarat Titans bag Prasidh Krishna at Rs 9.5 crore
- Maharashtra result reflects the outcome of Congress' destructive politics: BJP's Shazia Ilmi
Exuberant markets touch new high after dovish commentary from US Fed
The markets continued their exuberance and hit fresh highs on Thursday amid the dovish commentary from the US Federal Reserve, signalling at least three rate cuts in 2024, said Vinod Nair, Head of Research at Geojit Financial Services.
Mumbai: The markets continued their exuberance and hit fresh highs on Thursday amid the dovish commentary from the US Federal Reserve, signalling at least three rate cuts in 2024, said Vinod Nair, Head of Research at Geojit Financial Services.
While the Sensex closed at 70,514.20, up 929.60 points, the Nifty ended at 21,182.70, up 256.35 points.
Further, the sharp fall in US bond yields improved investors’ confidence. An upgrade in India’s GDP forecast, ease in global oil prices, and RBI's decision to clamp down inflation to the target level led to a broad-based rally with outperformance by realty and IT stocks.
Rupak De, Senior Technical Analyst at LKP Securities, said that Nifty has broken out of consolidation, driven by an increase in long positions compared to short trades among the participants.
Sentiment remains robust as the index maintains a position comfortably above the crucial moving averages.
Support is situated at 21,000, where Put writers have significant position. Looking ahead, there's a potential for the index to advance towards 21,400 and beyond on the higher side, De said.
