Sensex, Nifty extend gains for 3rd day on strong global cues, lower U.S. inflation

Stock market indices surge on positive investor sentiment, global market rally, and potential rate cuts by the Federal Reserve.

Equity benchmark indices Sensex and Nifty rallied for the third session on the trot, helped by a rally in global markets after lower-than-expected consumer inflation in the U.S. ignited hopes of more rate cuts by the Federal Reserve.

The 30-share BSE index climbed 318.74 points or 0.42% to revisit 77,000 level at 77,042.82. During the day, it jumped 595.42 points or 0.77% to 77,319.50.

On the similar lines, the NSE Nifty rallied 98.60 points or 0.42% to 23,311.80.

“Benchmark indices continued to trade in the positive, albeit off highs, driven by positive investor sentiment following mild U.S. inflation data, which raised hopes for a potential rate cut by the Federal Reserve.”

"Additionally, favourable developments in the Israel-Hamas ceasefire and a reduced trade deficit further boosted the market's upward movement. However, weak economic growth data from the UK dampened some of this optimism," Vinod Nair, Head of Research, Geojit Financial Services, said.

From the 30-share blue-chip pack, Adani Ports, State Bank of India, Bajaj Finserv, Bharti Airtel, Tata Motors, IndusInd Bank, NTPC, Maruti, Reliance Industries and Axis Bank were the biggest gainers.

In contrast, HCL Tech, Nestle, Infosys, Hindustan Unilever, ITC and Tata Consultancy Services were among the laggards.