For the best experience, open
on your mobile browser.

Sensex May Cross 85K By Year-End But May See A Sharp Correction Before That: Expert

04:36 PM Apr 10, 2024 IST | NEWS Desk
sensex may cross 85k by year end but may see a sharp correction before that  expert
Sensex May Cross 85K By Year-End But May See A Sharp Correction Before That: Expert

Mumbai (Maharashtra), [India]: After a pause on Tuesday, the bull run continues in the Indian stock market on Wednesday's session. The Nifty touched a new high of 22,775.70 breaking the previous record of 22,768 points.

The Nifty closed at 22753.80 points while the Sensex ended 0.47% higher at 75,038.15.

All major indices including Nifty Midcap, Nifty Bank, Nifty Next 50 and Nifty Financial Services closed in green. The Nifty Midcap 100 index also hit an all-time high of 50,443.15 to close at 50,380.40 points.

"The market may touch the 85,000 mark by the end of this year, but there are chances of sharper than expected corrections in the coming months," said Sanjiv Bhasin, Director, IIFL Securities.

Bhasin further says that the reforms done during the last 10 years of the Modi government have contributed to the new highs for the stock market.

"The reforms done in last ten years have contributed a lot in the stock market, to our economy. This journey to 75000 is remarkable. This wealth is being created among investors because of digitization" said Dhirendra Kumar, CEO, Value Research.

In broader market movements, the BSE MidCap index outperformed with a gain of 0.7%, while the SmallCap index moved in tandem with the benchmark, registering a 0.3% increase.

In the Nifty 50 stocks, 32 closed in green while 18 declined. Among PSU stocks Coal India, was the top gainer of the Nifty 50 while BPCL was the second top gainer. .

European markets experienced an uptick, fuelled by positive developments in the technology sector and rising commodity prices, ahead of crucial US inflation data that will offer insights into the Federal Reserve's monetary policy stance.

The Stoxx 600 index climbed 0.6%, bouncing back from previous session losses, with a notable boost from surging sales at Taiwan Semiconductor Manufacturing Co., bolstering European tech stocks.

"Investor focus is now directed towards the forthcoming inflation update, with expectations that US consumer prices rose 0.3% in March on a month to month basis, both overall and excluding food and energy costs" said Varun Aggarwal, MD, Profit Idea.

Global equities are grappling with sustaining momentum following a robust first quarter performance, as investors recalibrate expectations regarding Fed rate cuts amidst resilient US economic data.

Gold maintained its record high as investors positioned themselves ahead of US inflation data, while oil prices stabilized after consecutive losses.

Tags :