Sensex, Nifty, Share Prices LIVE: Indian benchmark indices, Sensex and Nifty, opened higher on Tuesday, continuing their upward trend and maintaining a narrow range as investors eagerly await fresh triggers. At 10.45 a.m., the 30-share BSE Sensex rose 256.11 points to 77,597.19, while the NSE Nifty gained 56.55 points to 23,594.40. This positive start to the day comes after the Nifty closed 0.2% higher on Monday, within a 450-point trading range over the past 10 sessions, and hitting a record high last Friday.
According to Anand James, Chief Market Strategist at Geojit Financial Services, the market is expected to consolidate within a certain range, with minimal expectations of an upside break. The upside marker remains intact at a certain level, suggesting a possibility of a deeper fall. However, traders remain optimistic and are waiting for a trigger, as noted by Rajesh Bhosale from Angel One.
It is worth noting that Indian benchmarks have surged nearly 11% since June 4, a remarkable feat in such a short period of time. However, some analysts have cautioned about expensive valuations and a lack of catalysts. Emkay Global Financial Services, for instance, sees limited near-term upside but views this as a pause in a long-term bull run. This shows that while there may be some challenges ahead, the overall sentiment remains positive and the long-term outlook for the market is still bullish.
In global markets, Asian stocks were subdued, and the Nasdaq fell over 1% overnight. However, this does not seem to have a major impact on the Indian market, as it continues to maintain its upward trajectory. Foreign investors were net sellers on Monday for a second straight day, selling Rs 654 crore worth of shares, while domestic investors sold Rs 820 crore worth. While this may raise some concerns, it is important to note that the overall trend remains positive and any minor fluctuations are expected in a dynamic market.
The Indian stock market has shown remarkable resilience and strength, even in the face of a global pandemic. The Sensex and Nifty have not only recovered from the steep fall in March 2020 but have also reached new heights. This is a testament to the strong fundamentals of the Indian economy and the confidence of investors in the Indian market.
It is also worth noting that the Indian government has taken several measures to support the economy and the stock market during these challenging times. The recent announcement of a Rs 6.29 lakh crore stimulus package has further boosted the confidence of investors and is expected to have a positive impact on the market in the long run.
As we continue to navigate through these uncertain times, it is important to remember that the stock market is a reflection of the economy and not the other way around. The Indian economy has shown remarkable resilience and is expected to bounce back stronger in the coming months. This will undoubtedly have a positive impact on the stock market as well.
In conclusion, the Indian stock market has shown strong performance and continues to maintain its upward trend. While there may be some challenges and fluctuations along the way, the overall sentiment remains positive and the long-term outlook for the market is bullish. With the government’s support and the resilience of the Indian economy, we can expect the Sensex and Nifty to reach new heights in the near future. So, let us stay invested and continue to have faith in the Indian market.
