November 21, 2024
Sensex Hits All-Time High, Driven by PSU Bank and Metal Stocks
Business

Sensex Hits All-Time High, Driven by PSU Bank and Metal Stocks

Indian equity indices opened with gains on Monday, buoyed by expectations of a US Federal Reserve rate cut, which has further bolstered market sentiment.

At 9:44 a.m., the Sensex was up 258 points or 0.31% at 83,149, while the Nifty increased by 81 points or 0.32% to 25,437. Both indices reached new all-time highs earlier in the session, with the Sensex touching 83,184 and the Nifty reaching 24,445.

Midcap and smallcap stocks also saw gains, with the Nifty Midcap 100 index up 300 points or 0.50% at 60,334 and the Nifty Smallcap 100 index rising 69 points or 0.36% to 19,575.

Top gainers in the Sensex pack included NTPC, Axis Bank, Tata Steel, Kotak Mahindra, JSW Steel, Bajaj Finserv, L&T, Bajaj Finance, HDFC Bank, Titan, and Sun Pharma. In contrast, HUL, Nestle, TCS, and HCL Tech were among the top losers.

Sector-wise, PSU Bank, financial services, metal, realty, private banking, and infrastructure sectors saw significant gains, while IT and FMCG sectors lagged.

Market experts noted that global equity markets are anticipating the Fed’s rate decision on Wednesday, which could impact stock market trends in the short term. While a rate cut by the Fed is widely expected, the market is uncertain whether it will be 25 basis points or 50 basis points. Investors will also be attentive to the Fed’s commentary on the economic outlook.

“Given the bullish undertone of the Indian equity market, it remains a good time to stay invested. The IT and pharma sectors are showing particular strength,” experts added.

Global markets are mixed: Tokyo, Shanghai, and Hong Kong are in the red, while Seoul, Jakarta, and Bangkok are in the green. US stock markets ended in positive territory on Friday.

Foreign institutional investors (FIIs) purchased equities worth ₹2,364 crore on September 13, while domestic institutional investors also bought equities worth ₹2,532 crore on the same day.

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