Sensex, Nifty hit record highs on U.S. Fed rate cut; banks lead gains

The BSE benchmark dropped 131.43 factors, or 0.16%, to settle at 82,948.23 on Wednesday (September 18, 2024).
| Photograph Credit score: Reuters

Benchmark fairness indices Sensex and Nifty climbed to recent file excessive ranges on Thursday (September 19, 2024) in step with agency international developments after the U.S. Federal Reserve announced the first cut in policy rate in additional than 4 years.

The 30-share Bombay Inventory Alternate (BSE) Sensex climbed 236.57 factors, or 0.29%, to settle at a lifetime excessive of 83,184.80. In the course of the day, it jumped 825.38 factors, or 0.99%, to scale an all-time intra-day excessive of 83,773.61.

The Nationwide Inventory Alternate (NSE) Nifty gained 38.25 factors, or 0.15%, to 25,415.80. In the course of the day, it surged 234.4 points, or 0.92%, to hit a recent intra-day file peak of 25,611.95.

From the 30 Sensex companies, NTPC, Nestle, Titan, Kotak Mahindra Financial institution, Maruti, Hindustan Unilever, Bharti Airtel, and HDFC Financial institution have been the largest gainers.

HCL Applied sciences, Tata Consultancy Providers, Adani Ports, Larsen & Toubro, JSW Metal, State Financial institution of India, Tech Mahindra, and Bajaj Finance have been among the many laggards from the pack.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong resulted in optimistic territory. European markets have been quoting larger. The US markets ended decrease on Wednesday (September 18, 2024).

“The benchmark indices concluded with a minor achieve after hitting file highs put up the US Fed’s greater than anticipated rates of interest reduce of fifty bps and hinted for additional discount. The substantial price reduce sparked issues over international slowdown, leading to profit-booking in mid & small cap buying and selling at premium valuation,” stated Vinod Nair, Head of Analysis, Geojit Monetary Providers.

International Institutional Traders (FIIs) purchased equities value ₹1,153.69 crore on Wednesday (September 18, 2024), in line with trade information.

“The 50 bps price reduce is a daring stance by the US Fed to revitalise their subdued economic system, which can in flip open the door for different international central banks, together with the RBI, to kick-start the softer rate of interest regime,” Vijay Bharadia, Founder, Wallfort Monetary Providers Restricted, stated.

World oil benchmark Brent crude jumped 1.21% to $74.54 a barrel.

The BSE benchmark dropped 131.43 factors, or 0.16%, to settle at 82,948.23 on Wednesday (September 18, 2024). The NSE Nifty additionally declined 41 factors, or 0.16%, to shut at 25,377.55.