by Pankaj Yadav
NEW DELHI, June 27 (Xinhua) -- Indian stock markets, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), touched all-time new highs on Thursday, revealed the live data on their respective official websites.
At 4:17 p.m. local time, while the NSE rallied at 24,044.50 points, and the BSE stood at 79,243.18 points.
This was the first time in India's stocks history when the NSE breached the 24,000-mark and the BSE crossed the 79,000-mark, said media reports.
Financial and investment experts were of the opinion that the stocks would rise further in the coming days, even as key stocks like Reliance, Bajaj, and the Housing Development Finance Corporation (HDFC) Bank gained during the day.
The highs in the country's stock markets were mainly driven by the impressive rally in banks' stocks, and the optimism surrounding the federal budget for the financial year 2024-25, which is most likely to be announced in four weeks from now.
A media report by India Today quoted Chief Investment Strategist V.K. Vijayakumar at the Geojit Financial Services as saying that the upward trend in Indian stocks was due to an overall "healthy trend".
"The market will remain bullish in the near-term despite the valuation concerns, and the ongoing momentum has the potential to take the BSE to 80,000 levels. A healthy trend in the market is that now the up move is being led by fundamentally strong largecaps in sectors like banking and telecom," said Vijayakumar, according to the media report.
Another report by The Times of India quoted Head of Retail Research at Motilal Oswal Siddhartha Khemka as saying, "The overall optimism surrounding the federal budget 2024-25, increasing foreign institutional investors (FIIs) inflows, and robust domestic economic data contributed towards the positive movement in the market. We expect the ongoing uptrend to continue further." ■