Markets hit new peak for 6th session

The Indian stock market reached new milestones on Thursday, with BSE Sensex and Nifty 50 hitting fresh all-time highs.

Sensex surged 666.25 points, or 0.78 per cent, to settle at 85,836.12. During the intraday trade, the BSE Sensex index conquered a new peak of 85,930.43, just 70 points shy of 86,000. Nifty 50 also joined the rally, scaling an all-time high of 26,250.90 before ending Thursday’s session with a gain of 211.90 points, or 0.81 per cent, at 26,216.05.

Upon being asked about the reason behind the northward march, Vishnu Kant Upadhyay, AVP (Research and Advisory), Master Capital Services Ltd, said, “The rally in the indices can be attributed to increased foreign inflows, following the US Federal Reserve’s decision to cut interest rates by 50 basis points last week. Growing global optimism further boosted investor confidence, as China, the world’s second-largest economy, pledged to reduce its Reserve Requirement Ratio (RRR) by 50 basis points amid ongoing economic challenges. A rebound in index heavyweights also played a crucial role in propelling the indices to record highs.” Maruti Suzuki, M&M, Reliance Industries and Tata Motors were the biggest index movers. On the sectoral front, autos, metals and PSU banks were the biggest gainers while Nifty Consumer Durables closed in the red.

Bank Nifty started the day on a positive note, witnessed heavy buying interest, and, as a result, registered a new lifetime high of 54,467.35 levels, and witnessed some profit booking. The Bank Nifty index settled the day on a positive note at 54,375.

Vikram Kasat, Head, Advisory, PL Capital (Prabhudas Lilladher), said, “The next big triggers for the market are the festive season, which spurs consumer spending; Q2 FY25 results; and whether the RBI MPC (Monetary Policy Committee) decides to cut rates following Federal Reserve’s 50 bps rate cut.” Meanwhile, the volatility index, INDIA VIX, cooled down by 7.12 per cent, settling at 11.84, indicating a decrease in market volatility.