Stock Market Highlights: Market ends at record high! Nifty above 26,200, Sensex closes up by 666 points; Metal and auto shine

Commenting on today’s market outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that Strong Asian market undercurrent could see domestic benchmarks log early gains, with key indices holding above their highest levels on the back of liquidity-driven rally. Markets could turn choppy intra-day amid today’s current month F&O expiry as investors would look to wind up their open positions.

Tapse also added that While India‘s growth fundamentals remain resilient despite global concerns and Middle-East tensions, investors need to be mindful of the valuations getting expensive after the recent upsurge. With the current bullish momentum underway, aggressive targets for Nifty are seen at 26500-27000 zone while the index is likely to find support at 24755.

WTI crude prices are trading at $69.72 up by 0.04%, while Brent crude prices are trading at $73.52 up by 0.11%, on Thursday morning.

“Bank Nifty currently finds major support at 53,800, with substantial resistance at 54,200. The prevailing trend remains positive as long as the index stays above 53,800, indicating strong underlying momentum. Traders are advised to consider buying on pullbacks near 53,900, with targets at 54,200 and potentially higher. A strict stop loss at 53,800 is recommended to manage risk effectively,” said Riyank Arora Technical Analyst.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.11% at 100.11.

Commenting on the Technical outlook of Nifty Kunal Kamble, Sr. Technical Research Analyst at Bonanza said that Nifty holding near the resistance zone of 26000 level before the monthly expiry is indicating that the rollover is expected to be on a positive note. The FII participation increase during the September series is also indicating a positive sentiment for the market for the next series. The index needs to close above the 26050 level for upward move towards 26200 followed by 26500. Dip towards 25800 should be used as a buying opportunity strong support for the index is placed at 25500 levels.

Foreign institutional investors (FII) offloaded shares worth Rs 973.94 crore, while domestic institutional investors (DII) bought shares worth Rs 1,778.99 crore on September 25, 2024, according to the provisional data available on the NSE.

The key indices in the US markets retreated from record highs and closed in red on Wednesday. The S&P 500 fell 0.19% to close the day at 5,722.26, while the 30-stock Dow fell 293.47 points, or 0.70%, to end the session at 41,914.75. Both the Dow and S&P 500 hit fresh records in early trading. The Nasdaq Composite closed with a narrow gain of 0.04%, closing at 18,082.21.

Asian markets see smart gains during thte morning trading hours. Japan’s benchmark index Nikkie 225 was up more than 2% and Korean index Kospi was also up over 2%.

IDFC Ltd has received a green light from the National Company Law Tribunal (NCLT), Chennai for the merger of IDFC Financial Holding Company with IDFC and their merger into IDFC First Bank.

Oil India is looking to start exploration activities in Nagaland and is engaged in discussions with the state and central government for the same, a top official of the company told FE. Additionally, the state-run company is hopeful of starting oil production from its block in Gabon in central Africa in the next financial year.

Aditya Birla Fashion & Retail, Granules India, Hindustan Copper, Vodafone Idea, and Indian Energy Exchange are in the F&O Ban on September 26.