Dalal Street Ends In Another Rally, Sensex Above 83K, Nifty Crosses 25,400
This rally was driven by favourable global cues and the Fed's decision to slash key interest rates by 25 bps. Optimism surrounding the India-US trade deal helped uplift sentiment in the market.
Indian markets ended trading on a high on Thursday. The BSE Sensex settled the session over the 83k mark, soaring more than 300 points, while the NSE Nifty50 closed above 25,400, jumping almost 100 points.
On the 30-share Sensex, Eternal, Sun Pharma, Infosys, HDFC Bank, and PowerGrid emerged among the gainers. Meanwhile, the laggards included Bajaj Finance, Tata Motors, Trent, UltraTech Cement, and Asian Paints.
In the broader markets, the Nifty Midcap Select led across the board and rose 0.63 per cent. Sectorally, the Pharma index stood out after it climbed 1.50 per cent. On the other hand, the Media index slipped 0.30 per cent.
This rally was driven by favourable global cues and the US Federal Reserve's decision to slash key interest rates by 25 basis points. Further, optimism surrounding the India-US trade deal helped uplift sentiment in the market.
"Global equities traded in the green after the U.S. Federal Reserve cut rates by 25 bps to 4–4.25 per cent and signalled two more reductions this year to cushion rising job market risks. Mirroring the upbeat global sentiment, Indian markets opened with a positive gap-up and maintained a sideways trajectory through the first half of the session," Ashika Institutional Equities said in a note.
Notably, the domestic equities enjoyed a favourable start to the session today morning, with the Sensex opening at 83,040, a surge of nearly 350 points. The Nifty also advanced 91 points to begin at 25,421.35.
“The ongoing rally in the market is driven by expectations of earnings revival and a positive outcome from the India-US trade negotiations,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
The optimism was reflected in the GIFT Nifty, which gained over 50 points to cross 25,300 before the market opened. On the flows front, Foreign Institutional Investors (FIIs) sold equities worth Rs 1,124.54 crore on Wednesday, according to exchange data.
On Wednesday, the Sensex had closed 313.02 points higher at 82,693.71 after touching 82,741.95 during the session, while the Nifty advanced 91.15 points to end at 25,330.25.
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