Business

Sensex And Nifty Close At Record Highs Ahead Of GDP Data Release

The Indian equity market reached new heights on Friday, with both the Sensex and Nifty closing at all-time highs ahead of the GDP numbers release. The Sensex closed at 82,365, gaining 231 points or 0.28%, while the Nifty ended at 25,235, up 83 points or 0.33%. During the trading session, the Sensex touched a peak of 82,637, and Nifty hit 25,268.

On the Bombay Stock Exchange (BSE), 2,239 shares closed in the green, 1,687 were in the red, and 119 remained unchanged. Sectoral indices showed mixed performance, with Auto, IT, PSU Bank, Finance, Pharma, Realty, and Metal leading the gains. FMCG and Media lagged behind.

Expert Analysis and Market Outlook

Analysts noted that the global markets are reacting positively to expectations of a rate cut by the US Federal Reserve in September. Both US and Indian markets are reflecting this optimism, with indices reaching new highs. However, experts warned that the strengthening dollar, buoyed by strong US GDP growth and retail sales, could lead to more moderate rate cuts in the future.

Rupak De, Senior Technical Analyst at LKP Securities, commented, “The Nifty maintained a sideways trend after a strong start. The market will likely stay strong as long as the index remains above 25,000. A drop below this level could trigger a correction, while current optimism could push the index towards 25,500 in the near term.”

Foreign Institutional Investors (FIIs) bought equities worth Rs 3,259 crore on August 29, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 2,690 crore on the same day.

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Ajaypal Choudhary

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