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.
This story is from the September 13, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the September 13, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
A singular life in plural India
In India today it is difficult to imagine a period of uninterrupted communal harmony, with reports of lynching, hate speech and bigotry surfacing with rising frequency.
11 dead in fire after LPG tanker crashes into vehicles on Jaipur-Ajmer highway
An LPG tanker collided with a truck on Friday, sparking a massive fireball that turned a stretch of the Jaipur-Ajmer highway into an inferno in which 11 people were killed and 37 vehicles engulfed in flames.
FMCG firms roll out tailored offerings for golden years
Affluent and health conscious, mature consumers are becoming selective about what they buy. Businesses are stepping up to meet their needs
SPHERES OF INFLUENCE
New districts are being announced more because of demands by influential groups than empirical studies, usually in the buildup to elections
Accenture Q1 showing a shot in arm for IT stocks
Strong US economy bodes well for Indian IT firms, say analysts
Sun Pharma: Down, but not out
Despite short-term blip, pharma major remains favourite among investors
Mirae Asset MF's AUM crosses ₹2 trn mark
Mirae Asset Investment Managers (India) on Friday announced that its mutual fund (MF) assets under management (AUM) has crossed the ₹2 trillion mark on the back of 54 per cent compound annual growth rate (CAGR) in the past five years.
PIL in HC seeks action against Amfi for 'misleading' ads
A public interest litigation (PIL) has been filed in the Bombay High Court seeking directions to Securities and Exchange Board of India (Sebi) to revoke the permissions granted to mutual fund body Association of Mutual Funds in India (Amfi) for \"misleading\" and \"deceptive\" advertisement campaigns under the investor education and protection measures.
IPO frenzy: Six issues fully subscribed; IGI at 13% premium on listing day
The initial public offerings (IPOs) of DAM Capital Advisors, Sanathan Textiles, Concord Enviro Systems, Mamata Machinery and Transrail Lighting, whose issues are on their penultimate day, were subscribed between 1.24 and 37.75 times.
Debt funds to deliver best show in 4 yrs
Strong performance attributed to bond index inclusion and fiscal prudence, say experts
