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Sensex, Nifty at record high: Investors earn nearly ₹7 lakh crore today
In a volatile session, Indian shares hit record levels, with Nifty 50 at 25,337 points and BSE Sensex at an all-time high.
Indian shares hit a record high boosted by heavy-weight banks and IT stocks in a volatile session. The Nifty 50 hit a record high of 25,337 points, while BSE Sensex also scaled an all-time high.
The Nifty was last up 1.7%, while the Sensex gained 1.5%. The market capitalisation of all listed companies on BSE surged by ₹6.6 lakh crore to ₹467.36 lakh crore.
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IT companies rose by 1% while Nifty Bank, Auto, Financial Services, Healthcare, and Oil & Gas sectors all saw gains of over 1%. Bharti Airtel, Reliance Industries, HDFC Bank and Infosys together added almost 500 points to the Sensex rally. L&T, M&M, NTPC, ICICI Bank, and SBI were also significant contributors to the surge in the index.
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This comes as US consumer prices in August showed a slight increase, with core inflation rising by 0.28%, surpassing the expected 0.2%. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Latest US inflation numbers are mildly positive for markets. August CPI inflation coming at 0.2% has brought down the 12-month inflation to 2.5% from 2.9% 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% the Fed is likely to be cautious and refrain from a 50bp rate cut, finally settling for a 25bp rate cut.”
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Meanwhile, oil prices dropped over 10% in September due to weak Chinese demand and concerns about global oversupply.
Narendra Solanki, Head Fundamental Research - Investment Services, Anand Rathi Shares and Stock Brokers, said, “Indian markets opened in green on back of positive Asian markets buoyed by a tech-fueled rally on Wall Street overnight during the afternoon session markets further gained in strength and traded sharply higher as traders preferred to buy large cap stocks. The markets further gained strength on news of China cutting rates by 50 bps on $5 trillion mortgages as soon as this month to boost consumption came out ahead of a European Central Bank (ECB) policy meeting later in the day; providing much needed sentimental boost to the markets.”
