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
Volumes, margins lead to earnings upgrade for Page Industries
Page Industries reported sales growth of 11 percent in Q2FY25 and volume growth of 7 percent year-on-year (Y-o-Y).
With benchmarks becoming harder to beat, avoid very high-cost funds
The Securities and Exchange Board of India (Sebi) has, through a circular dated November 5, mandated that asset management companies must disclose expense ratios for direct and regular plans separately in their half-yearly statements.
Sensex, Nifty fall for 2nd day on FPI selling
Stock markets closed lower for the second straight day on Friday amid relentless foreign fund outflows and losses in blue-chip stocks Reliance Industries, ICICI Bank, and State Bank of India.
NSE mulls launching new products to bolster commodities market
The National Stock Exchange (NSE) is seeking to expand its commodities segment by launching new products after examining the performance of energy, base metals, and bullion, an official of the domestic equity benchmark said on Friday.
Zinka Logistics sets price band for ₹1,115 cr IPO
Zinka Logistics Solutions Ltd, a digital platform for truck operators, on Friday said it has fixed a price band of ₹259-273 per share for its ₹1,115 crore initial share sale.
Swiggy IPO: QIBs do final-day heavylifting
Issue subscribed 3.6x as institutional investors swoop in on Day 3 to corner 90% bids
Adani Power cuts B'desh supply by more than 60%
Adani Power on Friday further reduced electricity supply to Bangladesh as the company seeks to recover more than $800 million in dues, according to data from Bangladesh's grid operator and two sources.
Beyond the syntax of national culture
This book is not just a masterly exploration of India's linguistic civilisation. More importantly, it serves as a timely warning against recent attempts at conducting the epistemic study of Indian languages through a narrow prism of singularity.
FORENSIC PROBE ALL SET TO BOOST CONVICTION RATE
With Bharatiya Nyaya Sanhita making such investigation mandatory in serious crime cases that attract seven years' imprisonment or above, more and more criminals are likely to be brought to justice in the next five years
'Ek hai toh safe hai': Modi in first rally for Maha polls
Prime Minister Narendra Modi on Friday flagged the Congress' \"caste politics\" and cautioned the nation against it, while also accusing the grand old party of \"playing a dangerous game of pitting one caste against another\" for political gains.