D-Street bulls party as Sensex breaches 85K and Nifty tops 26K for the first time
stock indices hit all-time intraday highs on Tuesday, with the Nifty briefly crossing 26,000 and the Sensex breaching the 85,000 mark for the first time in a choppy trading session. The bullish momentum in the market may resume if the Nifty closes above 26,000 though there are concerns that equities may be overbought after the recent surge.
The NSE Nifty ended flat at 25,940.4, after touching 26,011.55. The BSE Sensex went to 85,163.23, before closing at 84,914, almost unchanged.
Sentiment Booster
Both indices closed at records for two straight days until Monday, led by the US Federal Reserve's 50-basis-point rate cut on Thursday. «The market is going upward as it is hoping that the rate cuts in the US as well as other countries could lead to a revival in global growth,» said George Thomas, fund manager, equity, Quantum AMC. «However, we remain slightly cautious about the outlook from now on as valuations are on a higher side, and we are currently holding 15-16% cash across our funds, as many stocks have crossed our fair value estimates.»
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