Nifty Hits Record High After 14 Months, Sensex Nears Peak
Indian stock markets continued their strong rally on Thursday, with the Nifty scaling a fresh all-time high of 26,295.55 after 14 months. The Sensex also surged 313 points to 85,922.89, approaching its previous peak.
Key Market Movements
- Nifty: Gained 90.25 points to hit record high of 26,295.55
- Sensex: Advanced 313.38 points to 85,922.89
- Previous session: Both indices saw massive gains on Wednesday
Top Performers and Laggards
Leading the rally were Bajaj Finance, Bajaj Finserv, ICICI Bank, Larsen & Toubro, Asian Paints and Mahindra & Mahindra. However, Eternal, Kotak Mahindra Bank, UltraTech Cement and Maruti underperformed.
Global Market Support
Asian markets including South Korea’s Kospi, Japan’s Nikkei 225, Shanghai Composite and Hong Kong’s Hang Seng all traded higher. This follows strong gains in US markets on Wednesday.
Institutional Activity
Foreign Institutional Investors (FIIs) purchased equities worth Rs 4,778.03 crore, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 6,247.93 crore in the previous session.
“Expectation of a rate cut by the Fed and a possible Russia-Ukraine peace accord have improved sentiments for equity markets globally,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Brent crude prices declined 0.48% to USD 62.83 per barrel, providing additional support to market sentiment.
“Global equity markets have extended their gains, buoyed by growing expectations of interest-rate cuts by the US Federal Reserve. Major US indices — including the S&P 500, Dow Jones, and Nasdaq — posted solid advances as softer Treasury yields strengthened risk appetite,” noted Ponmudi R, CEO of Enrich Money.
The current rally builds on Wednesday’s strong performance where the Sensex jumped 1,022.50 points and Nifty gained 320.50 points, setting the stage for Thursday’s record-breaking session.
