BSE Sensex and Nifty50 continue their bull run! The BSE Sensex on Tuesday opened higher, crossing the 70,000 mark for the second day. Nifty50 also opened above the crucial 21,000 support level. At 9:23 AM, BSE Sensex was at 70,005, up 77 points, while Nifty50 was at 21,026, up 29 points.
Market analysts predict that the strong growth of the domestic economy, coupled with the return of Foreign Institutional Investors (FIIs), will continue to drive the market upwards in the coming months.
Experts suggest that the markets may consolidate in the near future, as global central banks are expected to announce their policy outcomes this week. Siddhartha Khemka, Head of Retail Research at Motilal Oswal, was quoted by ET saying that the market is likely to remain range-bound until these announcements are made.
Meanwhile, globally, US stocks recorded modest gains on Monday, reaching new yearly highs. Investors are eagerly awaiting major market catalysts this week, including inflation readings and the US Federal Reserve’s policy announcement, which will heavily influence expectations regarding interest rates.
Asian shares also saw an increase ahead of important US economic data releases and central bank meetings that may provide insights into the possibility of rate cuts next year.
Oil prices remained steady as investors awaited key interest rate and inflation data announcements. There are doubts regarding whether OPEC+ production cuts next year will be sufficient to offset the oversupply of crude oil and weaker fuel demand growth.
Foreign portfolio investors were net buyers, purchasing shares worth Rs 1,261 crore on Monday. On the other hand, domestic institutional investors sold shares worth Rs 1,032 crore.
The net long position of FIIs decreased from Rs 36,052 crore on Friday to Rs 33,194 crore on Monday.
