Indices hit new highs on volatile day

BROADER MKTS END LOWER ON PROFIT BOOKING Mumbai, 19 September enchmark indices Sensex and Nifty posted tepid gains on Thursday, even as the US Federal Reserve's move to cut rates by an aggressive 50 basis points propped up equity markets worldwide.

- ABHISHEK KUMAR & ANJALI KUMARI

While benchmark indices rallied close to a per cent in early trade and scaled to record highs, valuation concerns and a sharp selloff in the broader markets led to profit-taking.

The 30-share BSE Sensex ended the session with 0.3 per cent gains at 83,185. The Nifty 50 went up by 0.15 per cent to close at 25,416.

The Sensex closed 0.7 per cent lower from the intraday high of 83,774, the Nifty 50 declined by nearly 0.8 per cent from a high of 25,612. In comparison, major markets in Asia and Europe logged in gains of over 1 per cent.

The US rate cut impact was more visible in the currency and debt market.

Rupee and government bonds strengthened on Thursday after the US Federal Reserve's decision to cut key interest rates by 50 basis points, said market participants. Rupee appreciated by 8 paisa to settle at 83.69 against the greenback, while the 10-year benchmark government bond yield settled at 6.76 per cent, the lowest since February 25, 2022.