Positive Opening Expected for Sensex and Nifty

19 Jun 2024 , 08:54 AM

The benchmark indices, Sensex and Nifty, are likely to open on a positive note on June 19. This expectation comes from the GIFT Nifty, which is trading around 23,657.50, up by 67 points compared to the previous close of Nifty 50.

On June 18, India’s benchmark indices extended their gains for the fourth consecutive session, closing at fresh record highs. This positive momentum was largely driven by strong performances from PowerGrid Corp and Titan.

• Sensex: Closed up by 0.4%, gaining 308 points to reach 77,301.
• Nifty: Closed up by 0.39%, adding 92.30 points to reach 23,558.

Asian markets were trading higher, following new highs reached by the S&P 500. This surge was primarily due to the rise of Nvidia, an artificial intelligence chip firm, which has now overtaken Microsoft as the most valuable public company. The S&P 500 and Nasdaq both closed at record highs on Tuesday, driven by Nvidia’s continued ascent. In contrast, the Dow showed minimal gains amid softer-than-expected U.S. retail sales data and subdued pre-holiday trading.

On June 18, foreign institutional investors (FIIs) were net buyers, purchasing equities worth ₹2,569 Crore. Domestic institutional investors (DIIs) also contributed to the positive market sentiment by buying equities worth ₹1,555 Crore.