Share market today: The two key equity benchmark indices, Sensex and Nifty, on Thursday hit their fresh all-time highs amid cross-sector buying. At closing, the BSE Sensex jumped 1,440 points to 82,963. On the other hand, the NSE Nifty50 closed higher by 470 points to 25,389.
Stock update
On the 30-share Sensex platform, barring Nestle, all the indices closed in the green. Airtel gained 3.68 per cent. NTPC, JSW, M&M, Adani Ports, Tech were the other major gainers.
About 2,228 shares gained, 1,564 declined, while 103 were unchanged.
All Nifty 50 stocks, except Nestle India, finishing in the green. Leading the gains were Hindalco Industries, Bharti Airtel, NTPC, Shriram Finance, and Mahindra & Mahindra, which surged by up to 4.15 per cent on Thursday.
Sectoral update
All sectoral indices recorded gains, with metals, automobiles, capital goods, technology, and power sectors rising by 2-4 per cent.
In the previous session on Wednesday, the BSE benchmark dropped 398 points to end at 81,523, while the NSE Nifty50 dropped 123 points to 24,918.
"Latest US inflation numbers are mildly positive for markets. August CPI inflation coming at 0.2 per cent has brought down the 12-month inflation to 2.5 per cent from 2.9 per cent earlier. This paves the way for a rate cut by the Fed in September. But since core inflation continues to remain high at 3.2 per cent the Fed is likely to be cautious and refrain from a 50 bps rate cut, finally settling for a 25 bps rate cut," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global update
In Asian markets, Seoul, Tokyo and Hong Kong settled with significant gains while Shanghai ended marginally lower. European markets were trading higher. Wall Street ended with sharp gains on Wednesday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,755 crore on Wednesday, according to exchange data. FIIs turning buyers in the cash market during the last three days is another indication that the market will continue to be resilient, Vijayakumar added.
Global oil benchmark Brent crude climbed 1.39 per cent to $71.59 a barrel.
Rupee gains 4 paise
The rupee traded in a narrow range to settle 4 paise higher at 83.95 (provisional) against the US dollar on Thursday amid a positive trend in domestic equities and foreign fund inflows. Forex traders said rupee trade was range-bound with a slight positive bias on positive domestic equities. However, a rebound in the US Dollar and a surge in crude oil prices capped sharp gains.
At the interbank foreign exchange market, the local unit opened at 83.97 and witnessed an intraday high of 83.95 and a low of 83.99 against the American currency. The domestic unit finally settled for the day at 83.95 (provisional), higher by 4 paise over its previous close. On Wednesday, the rupee settled 1 paisa lower at 83.99 against the American currency.