The S&P BSE Sensex on Friday scaled to its all time closing high of 84,544.31 points, up 1,359.51 points or 1.63% buoyed by significant interest rate cut in the U.S and buying in auto and banking stocks.
Top Sensex gainers included M&M (5.57%), ICICI Bank (3.77%), JSW Steel (3.66%), L&T (3.07%) and Bhatri Airtel (2.84%).
The NSE Nifty-50 index too surged 375,15 or 1,48% to 25,790.
Ameya Ranadive, Senior Technical Analyst, StoxBox said,” Asian markets extended their rally on Friday, buoyed by the optimism following a significant interest rate cut in the U.S., while the yen strengthened as the Bank of Japan maintained its steady rate of 0.25% and expressed confidence in the economy.”
He said while broader indices rose, all sectoral indices finished lower.
Osho Krishan, Senior Analyst, Technical & Derivatives, Angel One Ltd said the buoyant global trends and sustained market momentum have propelled the bullish sentiment, driving the markets to achieve new peaks on a regular basis.
“The recent developments are particularly captivating, as broader market participation is reinforcing the confidence of traders and investors alike. From a technical perspective, we have entered a phase where the market is overbought, as indicated by various metrics,” he said.
Therefore, it is crucial to avoid complacency and instead adopt a practical and realistic approach to the current situation, he added
Published – September 20, 2024 09:18 pm IST
