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.
Bu hikaye Business Standard dergisinin September 13, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Business Standard dergisinin September 13, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
MVA lists five poll guarantees, promises ₹3K/mth to women
The Maha Vikas Aghadi (MVA) Opposition alliance in Maharashtra unveiled \"five guarantees\" for the upcoming Assembly polls on Wednesday, which include a monthly allowance of ₹3,000 and free travel in state transport buses for women.
Indian markets celebrate the 'Red' win
Register biggest one-day gains in six weeks on Trump's victory
COSTS VARY: DO COST-BENEFIT ANALYSIS BEFORE BUYING RIDER
Tata AIG General Insurance recently introduced five new riders that can be purchased with its health insurance policies and provide more than 60 benefits to customers.
Wall Street indices hit new highs
Wall Street's main indices soared to record highs on Wednesday, as Republican Donald Trump won the 2024 US presidential election in a remarkable comeback four years after he was voted out of the White House.
Dollar set for biggest one-day jump since '20
The US dollar soared on Wednesday and was set for its biggest one-day rise since March 2020 after Republican Donald Trump won the US presidential election, while the euro, Chinese yuan and Mexican peso were among the biggest losers on potential new tariffs in the regions.
Hindustan Zinc OFS garners bids worth ₹3,385 cr
Hindustan Zinc's (HZL's) share sale on Wednesday garnered bids for 67 million shares - worth ₹3,385 crore - as against 105.6 million on offer.
Bitcoin surges to all-time high
The price of bitcoin hit a new high Wednesday as investors bet that former President Donald Trump's victory in the US presidential election will be a boon for cryptocurrencies.
Swiggy IPO subscribed 12% on first day of offer
The initial public offering (IPO) of food delivery major Swiggy was subscribed 12 per cent on Wednesday, the opening day of the issue.
High-growth segments, Tier-II, -III cities to drive long-term gains for ABB
ABB reported a weak quarter. Revenue was at ₹2,910 crore, up only 5 per cent year-on-year (Y-o-Y), with operating profit at ₹540 crore, up 23 per cent and net profit at ₹440 crore.
Nvidia overtakes Apple as world's most valuable firm
Nvidia Corp became the largest company in the world on Tuesday, surpassing Apple Inc and underscoring just how dominant artificial intelligence has become on Wall Street.
