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The first day of the week was also a record-breaking one for the market. The major index, Nifty, is now only 70 points away from 26,000. On Tuesday, Nifty crossed this level. On August 1, Nifty crossed 25,000 for the first time. In the last 8 sessions, Nifty has shown a movement of about 1,000 points. On September 11, this index closed at the level of 24,918. Since then, the index has seen a movement of 1,000 points.
The most important thing about Monday's rise is that buying has returned in beaten sectors like the PSU Bank index. This is the first time since June 3 that such a big rise has been seen in this index. Except for the IT sector, most sectors remained bullish yesterday. Buying has also returned in some government companies. Today is the expiry of the September series of the Nifty Financial Services Index. Banking stocks will also be in focus.
Indications from global markets
The US market closed at a peak yesterday in anticipation of an even bigger cut in rates this year. The Dow Jones closed with a gain of 61 points, the S&P 500 index 16 points and the Nasdaq 26 points. The Dow Jones and S&P 500 index closed at new record highs. But, the Nasdaq is still 4% below its June peak. JPMorgan has said that hedge funds have made more shorts than longs in the last 1 month. BofA says that even after the recent rise, there are still opportunities for further rise in the US market. China has once again cut rates slightly. China is increasing efforts to revive growth.
Asian markets are also witnessing a boom today. Japan's Nikkei index was seen trading 1.4% higher. Hong Kong's Hang Seng index is also seeing a gain of more than 2%. The Shanghai Composite Index is trading with a gain of about one percent. South Korea's Kospi index remained almost flat. Amid rising tensions in the Middle East and rate cuts, the price of gold has reached a new peak. Spot gold remained at $2628 per ounce. Israel has carried out air strikes in several areas of southern Lebanon, in which about 500 people are reported to have been killed.
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