(Image Source: Mint
India’s stock market is on fire this morning. The Nifty 50 index is just 70 points away from its all-time high, while the Sensex is 368 points short of breaking its record level. The GIFT Nifty, which shows what the market will do when it opens, was trading up 45 points at 7:25 AM, signalling a strong start to Thursday’s trading.
Why is the market so bullish? Several things are working in India’s favour. Global stock markets are doing well, especially with hopes that the US Federal Reserve will cut interest rates in December. This makes investors more confident about buying stocks worldwide, including in India. Additionally, crude oil prices are falling, good news for India, which imports most of its oil.
Financial Giants Power the Momentum
Reliance Industries, India’s biggest company, added massive gains yesterday. The energy giant jumped 1.21%, closing at ₹1,569.75 and hitting a 52-week high. With a market value exceeding ₹21 lakh crore, Reliance’s strong performance has helped the entire market rise, as it’s the heaviest stock in the Nifty.
HDFC Bank, the country’s leading private bank, gained 2.74% to close at ₹787.55 yesterday. Banks are particularly excited today because lower interest rates from the central bank usually help them lend more money to businesses and individuals. The entire banking sector index hit a new record high.
Bajaj Finserv, a major financial services company, rose 2.70% to ₹2,085.10. This shows that financial stocks across the board are climbing. When banks and financial companies do well, it usually means the broader economy is healthy.
Strength Spreading Across All Sectors
Yesterday, all business sectors finished with gains. From car companies to medicines to metals—everything went up. Even smaller company shares performed well, which shows the enthusiasm is spread across the entire market. This is healthy because it means the rally isn’t depending on just a few big names.
The rally reversed three days of losses, and technical charts show strong buying momentum. Global markets are also performing well, with Japan’s Nikkei up 1.85% and other Asian markets rising. The combination of falling oil prices, rate cut hopes, and strong company earnings expectations has created the perfect setup for a strong day.
What Lies Ahead for Today’s Trade
If the Nifty closes above 26,277 for 15 minutes, it could push higher towards 26,350–26,500. Some analysts say it might even reach 27,000 in the short term. On the downside, if the market falls, support, where buyers may step in, is at 26,100–26,000, with a safety level at 25,850.
India’s stock market is knocking on the door of record highs this morning, led by financial giants like Reliance, HDFC Bank, and Bajaj Finserv, on the back of global optimism and domestic strength.
