Market Soars to New High, Sensex Breaches 81,700, Nifty Close to 25,000

“Gift Nifty indicates a likely risk-on day for Nifty, buoyed by Wall Street’s explosive Friday and rising global markets. NIFTY achieved a record high close, with investors disregarding capital gains tax concerns and FIIs’ net selling of Rs. 4721 crore. Bullish sentiment remains strong, bolstered by positive US PCE inflation data ahead of the Fed meeting, where a September rate cut seems imminent,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.In Asian markets, Seoul, Tokyo, Shanghai and Hong were quoting in the positive territory. The US markets also rallied on Friday.Foreign Institutional Investors (FIIs) bought equities worth Rs 2,546.38 crore on Friday, according to exchange data.”The undercurrent of this bull market has turned stronger on positive cues. The soft landing scenario for the US economy and the expectation of a rate cut by the Fed in September are intact. This will provide global support to this bull market,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.In a departure from recent trends both FIIs and DIIs (Domestic Institutional Investors) turned buyers last Friday resulting in a total buying of Rs 5,320 crore pushing the market sharply up, he added.Global oil benchmark Brent crude climbed 0.35 per cent to USD 81.41 a barrel.(With inputs from PTI)

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