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Stock Market Today: Indian stock markets rallied for the fourth consecutive day to reach all-time highs. Sensex managed to cross the 85000 mark for the first time, while Nifty was just short of the 26000 mark. 258 more stocks hit new yearly highs on BSE today, led by a surge in energy-oil stocks.
After opening with a decline today, Sensex and Nifty are moving at a slow pace. After a flat start, at 10 am, Sensex was at 85058.55 and Nifty reached a new all-time high of 25981.50. Nifty 50 saw a 50-50 trend. That is, 25 stocks were trading in favor of improvement and 25 stocks were trading in favor of decline. At 11.00 am, Nifty was trading 15.60 points higher at 25954.65, while Sensex was trading 38.59 points higher at 84967.20.
Cautious stance in stock market
At the time of writing the news on BSE, 282 stocks had reached the upper circuit and 259 stocks had reached the highest level of the year. Out of the total 3842 stocks traded, 2034 were trading in the green zone and 1643 in the red zone. However, according to market experts, investors are advised to take business decisions cautiously. Israel's attacks in Lebanon have increased geopolitical tensions globally.
Metal stocks rise, banking stocks gap up
Among sectoral indices, metal stocks have seen attractive gains. Shares of National Aluminium, NMDC, Vedanta Steel, SAIL are trading up by 5 per cent. The metal index is trading up 2 per cent due to gains in 10 stocks listed on the BSE Metal Index. On the other hand, selling pressure has been seen in banking stocks. The index is trading in the red zone due to increased profit booking in banking stocks. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said that due to increasing geopolitical tensions in the Middle East, crude oil prices have risen. Which may affect the stock markets. Gold and volatility indices also rose. However, the Indian stock markets are moving strongly despite the challenges. Which shows that the overall sentiment is bullish.