Sensex and Nifty Hit All-Time Highs Amid Mixed Stock Performances and Market Predictions

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Posted by pallavi on 2024-07-03 06:11:25 |

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Sensex and Nifty Hit All-Time Highs Amid Mixed Stock Performances and Market Predictions

In recent trading sessions, India's benchmark indices, Sensex and Nifty, achieved new all-time highs. On one occasion, the Sensex crossed the 80,000 mark and Nifty50 reached 24,307, although some heavyweight stocks like RIL, TCS, Infosys, and ICICI Bank saw declines due to the increased weightage of HDFC Bank in the Nifty. On another occasion, Sensex closed at a new peak of 76,992.77, while Nifty hit 23,465.60, bolstered by gains in HDFC Bank, Reliance Industries, and Mahindra & Mahindra. The rupee experienced a slight decline, closing at 83.56 against the US dollar. Prabhas Lilla her has forecasted that Nifty will reach 25,816 in the next 12 months. Separately, HDFC Bank's stock outperformed its peers, rising by 1.51% to ₹1730.55, despite minor declines in Nifty and Sensex.

The rupee experienced a slight decline, closing at 83.56 against the US dollar. Forex traders noted that the rupee's resilience against the dollar was supported by positive domestic markets and a decline in crude oil prices, despite hawkish commentary from the Federal Open Market Committee (FOMC) and the Federal Reserve Chair. The market also saw consolidation, with Nifty demonstrating a 4.4 percent unmoved over the past two months, even amidst election-related volatility.

Domestic brokerage Prabhas Lilla her has forecasted that Nifty will reach 25,816 in the next 12 months, valuing Nifty at a 15-year average PE (19.2x) with March 26 EPS of 1,344. This prediction comes despite the mixed market conditions and the overall market showing resilience.


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