18 July,2024 04:21 PM IST | Mumbai | mid-day online correspondent
Representative image
Indian market indices rose to fresh highs on Thursday, with the Sensex reaching 81,000 for the first time. After a steady start, the indices accelerated throughout the day. At the time of this publication, the Sensex and Nifty were up 0.7-0.8 per cent.
"The positive from the Indian stock market perspective is that expectations of a weakening dollar will increase foreign portfolio inflows, imparting resilience to the market," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, reported ANI.
According to the report, he added that the market's performance will be influenced by approaching budget projections and Infosys' financial statements, which are expected to provide additional insights into the IT sector. Furthermore, there has been a progressive accumulation of pharmaceuticals and healthcare stocks.
"The market will be influenced by this development and also by Budget expectations. The results of Infosys today will give greater clarity to the movement in IT stocks. Pharma and healthcare stocks are witnessing slow accumulation," Vijayakumar.
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The International Monetary Fund (IMF) revised India's growth predictions for 2024 from 6.8 per cent to 7 per cent, bolstering India's position as the fastest-growing economy among emerging markets and developing nations, the report added.
The benchmark Sensex and Nifty have been on a record-breaking run since Friday. The indices have traded at lifetime highs for four straight sessions. Since Friday, the Nifty has increased about 485 points, or 1.98 per cent, while the Sensex has gained 1446 points or 1.79 per cent.
Following a holiday on Wednesday for Muharram, Indian market indices extended their recent gains, maintaining the upward trend seen in previous weeks. The preceding week saw Indian stock markets achieve fresh all-time highs, spurred by reasons such as lower US inflation, better-than-expected IT sector results, and solid market fundamentals.
Looking ahead, market participants will pay particular attention to the Budget announcement on July 23. Additionally, Infosys' financial results, which are anticipated later today, will be a crucial indicator of market swings.
In the current fiscal year (2024-25), the Sensex and Nifty have returned 11-13 per cent, thanks to strong buying from both foreign and domestic institutional investors.
With PTI inputs
