Indian stocks opened with strength, and experts are predicting that the market is on track to reach new all-time highs

Mumbai (Maharashtra), August 20 : Indian benchmark indices opened with gains on Tuesday, driven by rallies in Asian and US markets. Experts believe this momentum could propel the markets to new all-time highs.

The Nifty 50 index saw an early rise of 76.25 points or 0.31 percent, reaching 24,648.90 points, while the BSE Sensex jumped by 297.86 points or 0.37 percent to 80,722.54 points.

"Global cues remain positive, setting a bullish tone for the Indian markets as well. US markets have now rallied for 8 days in a row, recovering over USD 3 trillion of market cap from the August lows. With geopolitical tensions contained for now and with Japanese Yen carry trades returning to the markets, big clouds have been lifted from the risk horizon," said Ajay Bagga, Banking and Market Expert.

He added, "We anticipate Indian markets to push for new all-time highs in this momentum. Huge inflows have been reported into global and US equity funds over the last week, which give strength to the markets."

At the market opening, 46 of the Nifty 50 stocks advanced, 3 declined, and one remained unchanged. Among the broader market indices, Nifty Midcap Select led with a gain of 0.62 percent, while Nifty Next 50 and Nifty Small Cap also followed suit with increases of around 0.3 percent.

In sectoral performance, Nifty Metal emerged as the top gainer with a rise of 0.69 percent, outperforming other sectoral indices. Nifty Auto saw a gain of 0.44 percent, and Nifty Bank edged up by 0.10 percent.

Asian markets also showed strength, with Japan's Nikkei index surging by more than 1.65 percent or 627 points to 38,015.87 points. Other Asian indices, such as Taiwan's Taiwan Weighted, South Korea's KOSPI, and Indonesia's Jakarta Composite, posted marginal gains of 0.28 percent, 0.84 percent, and 0.75 percent, respectively.

In the US markets, both the S&P 500 and Nasdaq closed with gains of 0.97 percent and 1.39 percent on Monday.

On Monday, the Indian benchmark indices had a mixed close. The Sensex dipped by 12 points to 80,425, while the Nifty rose by 31 points to 24,573. Nifty Bank fell by 149 points to 50,368, whereas the Midcap Index gained 105 points to 57,761.

Looking ahead, investors are likely to focus on US Fed Chief Jerome Powell's speech at the Jackson Hole symposium later this week.