Sep 24, 2024 10:11 AM IST
Sensex and Nifty hit record highs for the fourth consecutive session, boosted by the Federal Reserve’s rate cut.
Sensex and Nifty reached new record highs for the fourth straight session today (September 24) as the Indian benchmark indices continued their upward momentum following the significant rate cut by the Federal Reserve last week. BSE Metal index up 2 percent, while oil & gas, powerup 0.5% each. However, IT index down 0.5%.
Sensex surpassed 85,000 for the first time and hit a milestone of 85,023 while Nifty hit a fresh high of 25,971. About 1,823 shares advanced, 1,259 shares declined, and 122 shares remained unchanged.
Top gainers on the Nifty were Tata Steel, Hindalco Industries, JSW Steel, Power Grid Corp and Adani Enterprises while top losers were HUL, Bajaj Finance, Infosys, Divis Labs and HDFC Life.
Expert view on stock market
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Two trends deserve attention. The serious global geopolitical concern continues to be the Middle East where things are getting worse. Israeli strikes on Lebanon have killed hundreds of people triggering concerns. Crude has inched up. Gold and the volatility index are moving up reflecting anxiety. However, the market remains resilient and the undertone continues to be bullish. Investors have to take a call based on these two trends.”
Aishvarya Dadheech, founder & CIO of Fident Asset Management, said, “The market should remain sidelined until we see quarterly results and gain better clarity on RBI’s rate-cut decisions and the Fed’s next moves. If the FII buying continues, we could see much higher levels by Diwali.”