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Sensex, Nifty continue upward trend, gain over 1 pc after US Fed's move
Indian stock markets extended their winning streak on Thursday, with both Sensex and Nifty closing higher by over 1 per cent, led by buying across various sectors.
Mumbai: Indian stock markets extended their winning streak on Thursday, with both Sensex and Nifty closing higher by over 1 per cent, led by buying across various sectors.
Both the exchanges reacted to global trends after the US Federal Reserve kept interest rates unchanged. The US Fed maintained its policy rate in the 4.25 per cent to 4.50 per cent range but signalled a potential half-percentage-point cut by the end of the year.
The Sensex ended the day at 76,348.06, gaining 899 points or 1.19 per cent. During the intra-day session, it moved between 76,456.25 and 75,684.58.
The Nifty also surged by 283 points or 1.24 per cent, closing at 23,190.65. The index touched an intra-day high of 23,216.70 and a low of 22,973.95.
Market sentiment remained bullish, with 44 out of 50 Nifty stocks closing in the green.
The biggest gainers included Bharti Airtel, Titan, Britannia, Eicher Motors, and Bajaj Auto, which saw gains of up to 4.08 per cent.
However, a few stocks, including IndusInd Bank, Trent, Shriram Finance, and Bajaj Finance, ended lower. UltraTech Cement and Axis Bank remained flat.
Broader market indices also performed well. The Nifty Midcap100 index gained 0.64 per cent, while the Nifty Smallcap100 index rose by 0.70 per cent.
All sectoral indices on the NSE ended with gains. Sectors such as IT, Auto, FMCG, Metal, Media, Realty, Oil & Gas, Consumer Durables, and Healthcare rose by over 1 per cent each.
While all sectors closed in the green, these stood out with notable strength. The US indices also gained, further boosting sentiment.
According to experts, the primary catalyst for today’s rally was the Federal Reserve’s decision to keep interest rates steady while signalling two potential rate cuts later this year, which fueled optimism across global markets.
The Indian rupee also saw an improvement, closing at 86.36 per dollar compared to the previous day’s closing of 86.44.
According to Sundar Kewat from Ashika Institutional Equity, sectoral performance was broadly positive, with Oil and Gas, Consumption, IT, Automobiles, and Consumer Goods leading the gains.
In the broader Indian markets, Nifty Midcap 100 and Nifty Smallcap indices witnessed strong gains, reflecting broad-based buying interest, he added.
