Mumbai (Maharashtra) [India], November 17 (ANI): The Indian stock markets are moving closer to their all-time highs recorded in September 2024. They opened in green, and experts believe there is a positive sentiment, and expectations of global cues are supporting early trade.
The Nifty 50 index opened at 25,948.20, registering a gain of 38.15 points or 0.15 per cent. The BSE Sensex also opened in the green at 84,724.14, rising 161.36 points or 0.19 per cent at the opening bell.
Speaking to ANI, Banking and Market Expert Ajay Bagga said, “Indian markets are finally at the cusp of all-time highs. Markets have come near to this point repeatedly over the last few weeks to disappoint. This week is holding out the hope of reclaiming the September 2024 all-time highs on the Nifty.”
He added that the Bank Nifty, which touched an intraday record high last week, is expected to maintain its upward trend. “Bank Nifty is expected to continue its upward momentum this week as well once US data provides more clarity on the Fed actions, which are globally significant,” he said.
On global developments, Bagga pointed to sharp movements in crypto assets.
“The risk-off meltdown of the cryptocurrencies is Gold positive and Bitcoin negative. All the gains of 2025 have been given up, despite the pro-crypto stance of the Trump administration policies. Expect a rebound as risk sentiment improves,” he said.
In the broader market, the NSE Nifty 100 was up 0.18 per cent, while the Nifty Midcap 100 surged 0.43 per cent. The Nifty Smallcap 100 also gained 0.31 per cent, indicating strength across segments.
Among sectoral indices on the NSE, all sectors except Nifty IT opened in the green. Nifty IT saw a marginal decline of 0.04 per cent. Nifty PSU Bank and FMCG were the top gainers. Nifty Auto also traded flat but positive with a small gain of 0.07 per cent.
Sunil Gurjar, SEBI-registered analyst and Founder of Alphamojo Financial Services, said, “The Nifty 50 showed strong outperformance, surging by +417 points, which indicates a strong bullish uptrend in the sector. Nifty 50 recovered all those losses after bouncing back from the support level of 25,288, showing a strong retest,” he said.
He added that the index is now near a key resistance. “Overall, the sector is showing strong relative strength and is currently hovering near its resistance of 26,250. A breakout above this resistance would lead the Nifty 50 to its All-Time High (ATH),” he said.
This week, markets are awaiting fresh US data. Fed speakers were hawkish last week, bringing down the probability of a December rate cut in Fed futures to 45 per cent. Concerns around AI-led valuations also continue to affect sentiment. The 43-day US government shutdown has kept markets uncertain, as key economic data has been missing.
US markets closed flat on Friday. Meanwhile, Asian markets opened sharply lower on Monday after an “unexpectedly strident” Chinese threat to Japan, which triggered geopolitical concerns. Gold saw a mild recovery in Asian trading after a fall in the US session, but later gave up those gains. (ANI)
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