Sensex, Nifty hit record highs on U.S. Fed rate cut; banks lead gains
The Hindu
Sensex and Nifty hit record highs post US Fed rate cut, global markets positive, oil prices rise.
Benchmark equity indices Sensex and Nifty climbed to fresh record high levels on Thursday (September 19, 2024) in line with firm global trends after the U.S. Federal Reserve announced the first cut in policy rate in more than four years.
The 30-share Bombay Stock Exchange (BSE) Sensex climbed 236.57 points, or 0.29%, to settle at a lifetime high of 83,184.80. During the day, it jumped 825.38 points, or 0.99%, to scale an all-time intra-day high of 83,773.61.
The National Stock Exchange (NSE) Nifty gained 38.25 points, or 0.15%, to 25,415.80. During the day, it surged 234.4 points, or 0.92%, to hit a fresh intra-day record peak of 25,611.95.
From the 30 Sensex firms, NTPC, Nestle, Titan, Kotak Mahindra Bank, Maruti, Hindustan Unilever, Bharti Airtel, and HDFC Bank were the biggest gainers.
HCL Technologies, Tata Consultancy Services, Adani Ports, Larsen & Toubro, JSW Steel, State Bank of India, Tech Mahindra, and Bajaj Finance were among the laggards from the pack.
In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong ended in positive territory. European markets were quoting higher. The US markets ended lower on Wednesday (September 18, 2024).
"The benchmark indices concluded with a minor gain after hitting record highs post the US Fed's more than expected interest rates cut of 50 bps and hinted for further reduction. The substantial rate cut sparked concerns over global slowdown, resulting in profit-booking in mid & small cap trading at premium valuation," said Vinod Nair, Head of Research, Geojit Financial Services.
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