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Stock market today: BSE Sensex crosses 80,000 for the first time; Nifty50 hits new lifetime high as bulls party

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, scaled new lifetime highs in trade today with the 30-share index crossing the 80,000 mark for the first time. Nifty50, too hit a new high of 24,292. At 9:22 AM, BSE Sensex was trading at 79,935.12, up 494 points or 0.62%. Nifty50 was at 24,257.60, up 134 points or 0.75%.
On Tuesday, the benchmark Nifty experienced profit booking after reaching new heights above the 24,200 level. Motilal Oswal Financial Services has said, “We expect this ongoing momentum to continue with Nifty consolidating at a higher zone. While the FED Chairman Powell’s speech and the release of the meeting minutes will induce some volatility.”
According to Nagaraj Shetti of HDFC Securities, the Nifty remains strong as per the long-term chart, and one may expect the upside momentum to resume shortly after the consolidation movement. The immediate support is at 23,980, while the next upside resistance to watch is around 24,400.
Global markets showed mixed trends, with S&P 500 futures and Nasdaq 100 futures remaining little changed. The Hang Seng futures rose 0.5%, Japan’s Topix rose 0.2%, Australia’s S&P/ASX 200 rose 0.3%, and Euro Stoxx 50 futures rose 0.3%. In the forex market, the euro, Japanese yen, offshore yuan, and Australian dollar were all little changed against the US dollar.
Oil prices edged higher in early Asian trade on Wednesday, with Brent crude oil futures climbing 16 cents to $85.60 a barrel and U.S. West Texas Intermediate crude futures rising 14 cents to $82.95 per barrel. This increase was driven by industry data showing a larger-than-expected draw in U.S. crude stockpiles, boosting hopes of solid fuel demand during the summer driving season in the top oil-consuming nation.
India Cements and Indus Tower are the two stocks in the F&O ban today. Foreign portfolio investors turned net sellers at Rs 2,000 crore on Tuesday, while DIIs bought shares worth Rs 648 crore. The rupee depreciated 4 paise to settle at 83.48 against the US dollar on Tuesday, weighed down by a strong greenback in the overseas market and elevated global crude oil prices.
The net long of FIIs reduced from Rs 3.5 lakh crore on Monday to Rs 3.46 lakh crore on Tuesday.

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