Sensex Today: Indian equity benchmark indices, BSE Sensex and Nifty 50, climbed to fresh record highs at the opening bell on Monday, even as investors around the world wondered how long the momentum from the US Federal Reserve’s outsized rate cut would continue.
At the opening bell, the BSE Sensex was at 84,695, up 151 points, or 0.18 per cent, while the Nifty 50 was up 84 points, or 0.33 per cent, at 25,875.
Markets in India had climbed to record levels on Friday, with both the benchmark indices BSE Sensex and Nifty 50 ending 1 per cent higher, each.
The Sensex gained 1,360 points, or 1.63 per cent, to close at 84,544.31, while the Nifty 50 hit a fresh all-time high of 25,849.25 before ending with gains of 375 points, or 1.48 per cent higher, at 25,791.
On the daily charts we can observe that the Nifty has been consolidating around the 24,200 – 24,150 range where the 40 day average is placed. The structure is still weak and with the momentum indicators also having a negative crossover is also supporting our bearish stance. Incase of a spike towards the key moving averages 24,250 – 24,300 then it should be used as a selling opportunity for targets of 23,890 – 23,600, said Jatin Gedia of Sharekhan.
Global Cues
The markets in the Asia-Pacific region opened lower on Monday as investors digested interest rate decisions from China and Japan.
While markets in Japan were closed on Monday for a public holiday, Australia’s S&P/ASX 200 opened 0.43 per cent higher.
South Korea’s Kospi fell 0.15 per cent and Hong Kong’s Hang Seng index futures were at 18,199, lower than the HSI’s last close of 18,258.57. Futures for China CSI 300 stood at 3,183.8, lower than their last close of 3,201.05.
That apart, Wall Street closed flat on Friday, hovering near the previous session’s record-high close for the Dow and S&P 500, while the dollar firmed.
All three major US stock indices ended the week higher, not far off all-time peaks hit on Thursday as buyers piled in to riskier assets.
Markets are fully pricing in a cut of at least 25 bps in November, with expectations for a cut of 50 bps given a 48.9 per cent chance, according to CME’s FedWatch Tool.
The Dow Jones Industrial Average closed up 0.09 per cent, to 42,063.36, the S&P 500 ended down 0.19 per cent, to 5,702.55 and the Nasdaq Composite rounded out the week 0.36 per cent lower, at 17,948.32.
The MSCI index of world stocks drooped 0.21 per cent, to 837.69.
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