BSE Sensex, Nifty50 hit record highs for 3rd day in a row; what's next for the market bull run? - IndiaTimes

BSE Sensex & Nifty50 rally enters 3rd straight day: The Indian equity indices on Wednesday hit fresh record highs, with the stock market rally continuing for the third consecutive day. At the closing, the BSE Sensex was up over 350 points or 0.52% at 69,653.73, while the Nifty50 closed the day at 20,937.70, up by 82 points or 0.40%. Adani stocks continued their upward trajectory as well.
The Indian equity markets have been experiencing a sustained rally, thanks to improved interest rate prospects in the US, decreased crude oil prices, strong domestic macroeconomic data, increased foreign investments, and growing optimism about policy continuity following the state assembly election results in 2024.
The Dalal Street party today was driven by positive employment data from the United States. The data has increased expectations of an interest rate cut by the US Federal Reserve in March. The US Labor Department reported a decline of over 600,000 job openings at the end of October, signaling a slowdown in the US economy.Indian markets to enter consolidation phase?
Experts predict that while the market sentiment remains bullish, there may be consolidation in the near future. Profit booking is expected from domestic institutional investors and individual investors who have made substantial gains. The continuous decline in US bond yields is likely to attract foreign institutional investors, says VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Technical charts suggest that the Nifty may find support at 20,700 and 20,500, while immediate resistance levels are expected at 21,000 and 21,200, feels Mandar Bhojane, Research Analyst at Choice Broking.
In global markets, Asia-Pacific equities showed gains as expectations of interest rate peaks among major central banks increased and bond yields continued to decline. Japan's Nikkei surged by 1.6%, Australia's stock benchmark jumped by 1.4%, and South Korea's KOSPI added 0.56%.

US stock futures also pointed higher, with the tech-heavy Nasdaq up by 0.4% and S&P 500 futures rising by 0.26%.
Foreign portfolio investors (FPIs) bought Indian shares worth Rs 5,224 crore on Tuesday, while domestic institutional investors (DIIs) sold shares worth Rs 1,399 crore.
Crude oil prices remained flat as concerns about the impact of OPEC+ cuts and a worsening demand outlook in China persisted. Brent crude futures rose by 2 cents to $77.22 a barrel, while US WTI crude futures were down by 2 cents at $72.30 a barrel.
In the currency market, the Indian rupee gained 2 paise against the US dollar, reaching $83.35 in early trade. The dollar index, which tracks the performance of the greenback against a basket of six major currencies, declined by 0.11% to 103.93.

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BSE Sensex, Nifty50 hit record highs for 3rd day in a row; what's next for the market bull run? - IndiaTimes
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