Sensex breaches 83,000 on global rate-cut hopes

Markets jump nearly 2% intraday; Nifty hits fresh high

- ABHISHEK KUMAR r

Benchmark indices surged to fresh record highs on Thursday, as strong buying in heavyweight stocks towards the end of the session lifted the Nifty 50 and Sensex by nearly 2 per cent, marking their largest singleday advance in over three months.

The sharp rally drove the 30share BSE Sensex to hit 83,000 mark for the first time, but the index ended the session at 82,963 with 1.8 per cent gain.

The Nifty 50 rose 1.9 per cent to 25,389, its highest single-day gain since June 7. The gains were underpinned by inflows of ₹7,695 crore from overseas funds.

The combined market cap of BSE-listed companies rose by 6.6 trillion to touch a new high of 467.4 trillion ($5.6 trillion) The rally, which came amid positive global cues, was supported by heightened expectations of a 25-basis point rate cut by the US Fed after the inflation data came in on expected lines, said Siddhartha Khemka, head (research, wealth management, Motilal Oswal Financial Services.

"The bulls took charge towards the end of the day and lifted the indices to a new high, mirroring the bullish global trend. The rate-cut optimism across the globe (ECB & US Fed) has provided a positive impetus to the global market," added Vinod Nair, Head of Research, Geojit Financial Services Most Asian markets rallied, driven by a tech-fueled rebound on Wall Street.

The S&P 500 had logged over 1 per cent gains on Wednesday led by a rebound in technology stocks.