Mumbai: Indian stock markets extended their rally on Thursday, with both Sensex and Nifty closing higher by over 1%, driven by buying across multiple sectors.
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Impact of US Federal Reserve’s Decision
The positive momentum came after the US Federal Reserve decided to keep interest rates unchanged. The Fed maintained its policy rate in the 4.25% to 4.50% range but indicated a possible half-percentage-point cut by the end of the year, boosting market sentiment.
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Sensex and Nifty Performance
- Sensex ended at 76,348.06, up by 899 points (1.19%), moving between an intra-day high of 76,456.25 and a low of 75,684.58.
- Nifty surged by 283 points (1.24%) to close at 23,190.65, after touching an intra-day high of 23,216.70 and a low of 22,973.95.
Broad Market Performance
- 44 out of 50 Nifty stocks closed in the green.
- Nifty Midcap100 index gained 0.64%.
- Nifty Smallcap100 index rose 0.70%.
Top Gainers and Losers
- Biggest Gainers: Bharti Airtel, Titan, Britannia, Eicher Motors, and Bajaj Auto, with gains up to 4.08%.
- Stocks That Declined: IndusInd Bank, Trent, Shriram Finance, and Bajaj Finance.
- Flat Performers: UltraTech Cement and Axis Bank.
Sectoral Performance
All NSE sectoral indices ended in the green, with strong gains in:
- IT, Auto, FMCG, Metal, Media, Realty, Oil & Gas, Consumer Durables, and Healthcare, all rising over 1%.
Global and Currency Market Impact
- US stock indices also gained, further supporting positive market sentiment.
- The Indian rupee strengthened, closing at 86.36 per dollar, compared to the previous day’s 86.44.
Expert Insights
According to Sundar Kewat from Ashika Institutional Equity, the rally was primarily fueled by the Fed’s stance on potential rate cuts. He noted that Oil & Gas, Consumption, IT, Automobiles, and Consumer Goods led the market gains.
With a broad-based buying interest, the Indian markets remain optimistic about continued growth in the coming sessions.