Stock market today: BSE Sensex surges 380 points to above 79,800; Nifty50 crosses 24,200 level

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, soared to new lifetime highs in opening trade on Tuesday. While Sensex moved above 79,800 near the 80,000 mark, Nifty50 also crossed 24,200. At 9:22 AM, BSE Sensex was trading at 79,643.46, up 167 points or 0.21%. Nifty50 was at 24,190.55, up 49 points or 0.20%.
Domestic markets commenced the week positively, extending gains from the previous week despite a flat opening.
"We anticipate this trend will persist in the near term due to expectations of a rebound in discretionary spending. Investors are now focusing on upcoming US job data and the Fed Chair's speech for further indication on interest rates," said Vinod Nair, Head of Research, Geojit Financial Services.
Technical analysis suggests that the underlying trend of Nifty remains bullish, with the market aiming for the next upside target of 24,400 levels in the near term. Immediate support is placed at 23,980 levels, said Nagaraj Shetti of HDFC Securities.
In global markets, S&P 500 futures were steady, while Hang Seng futures remained unchanged. The dollar gained support from rising U.S. yields, putting pressure on low-yielding currencies like the Chinese yuan and Japanese yen.
Oil prices held near two-month highs, supported by expectations of increased fuel demand during the summer travel season and potential U.S. interest rate cuts that could stimulate economic growth.
Foreign portfolio investors turned net sellers, offloading shares worth Rs 426 crore on Monday, while domestic institutional investors bought shares worth Rs 3,917 crore. The rupee depreciated by 10 paise to settle at 83.44 against the US dollar, influenced by rising crude oil prices in international markets.