Bullish Trend Continues, Nifty Eyes 25K Milestone

31 Jul 2024 , 12:56 PM

On July 31, the Nifty 50 index edged closer to the 25,000-mark for the third consecutive session, reflecting a steady upward trend. Despite experiencing early volatility, both the Nifty 50 and Sensex managed to extend their gains by the afternoon. The rally was predominantly driven by gains in the power and energy sectors, which continued their positive momentum for the second day in a row.

Market sentiment remained cautious as investors awaited the Federal Reserve’s monetary policy announcement, scheduled for later today. While the expectation is that the US Fed will maintain current interest rates, all eyes are on Fed Chair Jerome Powell’s commentary. Investors are keen to discern any signals regarding a potential rate cut in the Fed’s September meeting.

By noon, the Sensex had climbed 255.77 points, or 0.31%, to reach 81711.17, while the Nifty was up 87.30 points, or 0.35%, at 24944.60. Of the 3,414 shares traded, 1342 advanced, 988 declined, and 83 remained unchanged.

The broader market saw robust buying interest, with the BSE Midcap and BSE Smallcap indices rising by 0.9% and 0.2%, respectively. The Nifty Pharma index emerged as the top performer, gaining over 1%, followed by advances in metals, infrastructure, energy, and media sectors.