Sensex closes above 83,000 for first time, Nifty scales fresh peak too

By :  Agencies
Update: 2024-09-17 11:52 GMT
Representative image

Mumbai, Sep 17 (PTI) Benchmark Sensex rose by nearly 91 points to close at a fresh lifetime high while Nifty settled above the 25,400 level for the first time in a range-bound trade on Tuesday amid firm global trends ahead of the much-awaited US Fed's decision on interest rates.

Extending its record-setting spree for the second day, the 30-share BSE Sensex climbed 90.88 points or 0.11 per cent to settle at a lifetime high of 83,079.66. The key index settled above the 83,000 level for the first time. During the day, it rose by 163.63 points or 0.19 per cent to 83,152.41.

The NSE Nifty gained 34.80 points or 0.14 per cent to settle above 25,400 level for the first time at 25,418.55 - its record closing high.

Among 30 Sensex firms, Bharti Airtel, NTPC, Mahindra & Mahindra, Kotak Mahindra Bank, Titan, Larsen & Toubro, ICICI Bank, Bajaj Finance, Hindustan Unilever and Reliance Industries were the biggest gainers.

Tata Motors, Tata Steel, Adani Ports, JSW Steel, ITC and Asian Paints were the biggest laggards.

"The Indian market exhibited a subtle positive momentum, driven by the anticipation of a rate cut cycle by the US FED. Although a 25-bps cut is largely factored in, the market remains attuned to the FED's comments on the health of the economy and the future trajectory of rate cuts," said Vinod Nair, Head of Research, Geojit Financial Services.

After a flat opening, the Nifty moved within a narrow range with realty and auto shares witnessing gains while metal and pharma ended in the red, Ajit Mishra – SVP, Research, Religare Broking Ltd said.

Wholesale inflation fell for the second consecutive month to 1.31 per cent in August due to cheaper vegetables, food and fuel, government data released on Tuesday showed.

"Range-bound session continued for a second straight session ahead of key US Fed policy meet decision on Wednesday. Also, investor participation was thin on account of Anant Chaturdashi, and hence buying was seen in select frontline stocks," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

Besides rate cut hopes, the Fed chief's comment on the US economy and inflation will be key things to look for as it will give some indication of the future rate cut prospects, Tapse added.

In the broader market, the BSE smallcap gauge declined 0.13 per cent and midcap index edged lower by 0.08 per cent.

Among the indices, realty climbed 0.64 per cent, telecommunication (0.46 per cent), utilities (0.44 per cent), teck (0.34 per cent), auto (0.33 per cent) and ITechnology (0.11 per cent).

Commodities, industrials, capital goods, metal and services were the laggards.

In Asian markets, Hong Kong settled with gains while Tokyo ended lower. Markets in mainland China and South Korea were closed.

European markets were trading in positive territory. The US markets ended mostly higher on Monday.

Foreign institutional investors offloaded equities worth Rs 1,634.98 crore on Monday, according to exchange data.

Global oil benchmark Brent crude dipped 0.25 per cent to USD 72.52 a barrel.

The BSE benchmark climbed 97.84 points or 0.12 per cent to settle at a new record peak of 82,988.78 on Monday. The Nifty rose by 27.25 points or 0.11 per cent to settle at 25,383.75. During the day, the benchmark hit a new intra-day record peak of 25,445.70. PTI

(Except for the headline, this story has not been edited by The Federal staff and is auto-published from a syndicated feed.)
Tags:    

Similar News