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The Indian stock market experienced a surge on Thursday, with both the BSE Sensex and Nifty50 reaching new all-time highs. This positive trend was driven by gains in IT and auto companies, fueled by global cues and strong domestic flows. The BSE Sensex closed the day at 85,836.12, a gain of 666 points or 0.78%. The Nifty50 ended the day at 26,216.05, up 212 points or 0.81%.
This upward movement marked the sixth consecutive session where the markets hit new highs. Analysts attribute this surge to positive global cues, particularly the news of China's planned investments to support its economy and recapitalize state-owned banks. The slowdown in China's economy has had a negative impact on global trade and growth, but these recent announcements have lifted global markets, including the Indian stock market.
Experts predict continued upward momentum for the Nifty, despite potential volatility during the monthly derivative expiry. However, they also anticipate a possibility of range-bound action or a minor dip in the next 1-2 sessions. The immediate resistance level for the Nifty is around 26,250, while support is at 25,800.
The global markets also experienced a significant boost on Thursday following the news from China. In Europe, key indices like the German DAX, French CAC 40, and UK FTSE 100 all registered gains. Similarly, U.S. stock futures showed positive signs, with the S&P 500 contract rising 0.8% and the Dow Jones Industrial Average contract gaining 0.5%.
Asian markets also saw significant gains, with Hong Kong's Hang Seng index jumping 4.2% and the Shanghai Composite index surging 3.6%. Japan's Nikkei 225 advanced 2.8%, while South Korea's Kospi jumped 2.9%, fueled by a surge in SK Hynix shares after the semiconductor maker announced a new memory chip for artificial intelligence applications.