Stock market today: Nifty50 crosses 26,000; BSE Sensex up over 500 points as market rallies strongly

Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, soared in opening trade on Thursday. While Nifty50 went above 26,000, BSE Sensex was up over 500 points. At 9:18 AM, Nifty50 was trading at 26,016.05, up 147 points or 0.57%. BSE Sensex was at 84,959.23, up 533 points or 0.63%.Analysts are cautiously optimistic about the market up moves in the coming days.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “Reports of an imminent trade deal between India and US is doing the rounds in market circles and the market reaction through Nifty implied open confirms this. Comments from President Trump and responses from PM Modi indicate an early trade deal. The expected deal involves some concessions from both sides. If the reported 15-16 % tariffs on Indian exports to US materialises that would be a big positive for Indian economy and major boost to stock markets. The market rally which has already begun in the festival season will accelerate enabling the Nifty to set new record highs. Unprecedented record sales during the last few days has the potential to improve corporate earnings. FIIs turning buyers recently and short covering are factors that can fuel the rally. Clearly, it is advantage bulls!”“Short-covering has the potential to spike up large caps where there are big short positions. Textile stocks, which bore the brunt of the penal tariffs, are likely to witness big buying.” US stock markets ended lower on Wednesday, influenced by mixed corporate results, including Netflix’s underwhelming performance, whilst investors evaluated potential Donald Trump administration restrictions on China-bound exports using US software.Asian markets started trading lower on Thursday following Wall Street’s unstable session with widespread declines in equities and safe-haven assets.Crude oil prices climbed over $1 per barrel, continuing the upward trend, following the news that US has imposed sanctions on Russian petroleum firms Rosneft and Lukoil due to the Ukraine conflict.Foreign portfolio investors purchased shares worth Rs 97 crore net on Tuesday. Domestic institutional investors sold shares worth Rs 607 crore net.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)