Sensex closes at record high for third day on continued optimism over Fed rate cut

Benchmark BSE Sensex jumped 384 points to close at a new all-time high, driven by gains in energy, select banking and auto shares amid continued optimism over the US Fed rate cut and positive Asian markets.

Benchmark BSE Sensex jumped 384 points to close at a new all-time high on Monday (September 23, 2024), driven by gains in energy, select banking and auto shares amid continued optimism over the US Fed rate cut and positive Asian markets.

Rallying for the third day running, the 30-share BSE Sensex jumped 384.30 points, or 0.45%, to settle at an all-time high of 84,928.61. During the day, it soared 436.22 points, or 0.51%, to hit a fresh lifetime intra-day peak of 84,980.53.

The NSE Nifty rose 148.10 points, or 0.57%, to close at a record peak of 25,939.05. During the day, it zoomed 165.05 points, or 0.63%, to reach a new intra-day all-time high of 25,956.

"The euphoria from the FED rate cut continued to lift the domestic market. The benign input costs and an expectation of a change in stance by the RBI amid cuts by global banks will provide tailwinds to valuation. Though there is moderation in India PMI data, investors are anticipating that the wave of liquidity from FII may provide stability in the sentiment," Vinod Nair, Head of Research, Geojit Financial Services said From the 30 Sensex firms, Mahindra & Mahindra was the biggest gainer, rising by 3.29 per cent. State Bank of India rose by 2.55 per cent, Bharti Airtel by 2.25 per cent and Kotak Bank by 1.71 per cent.

Gains HDFC Bank, Reliance Industries and Hindustan Unilever helped the index hit all-time high. UltraTech Cement, Adani Ports, and Tata Steel were also among the gainers.

ICICI Bank, on the other hand, dropped the most by 1.25%, capping Sensex gains. IndusInd Bank, Asian Paints, Tech Mahindra, Infosys, HCL Technologies, Tata Consultancy Services, and Larsen & Toubro were among the laggards.

"The US Federal Reserve's decision to cut rates by 50 basis points signals a shift in global monetary policy, and its ripple effects are felt across global markets, including India," MarketsMojo Group CEO Amit Golia said.