Sensex surpasses 84,000 for the first time, while Nifty reaches a new record high.
India’s leading stock indices hit all-time highs on Friday during mid-session trading, buoyed by positive market sentiment following the US Federal Reserve’s rate cut.
The Sensex and Nifty achieved new peaks of 84,213 and 25,716, respectively, marking the first time the Bombay Stock Exchange (BSE) benchmark has crossed the 84,000 mark.
As of 11:16 a.m., the Sensex was up 1,028 points, or 1.21%, at 84,190, while the Nifty gained 287 points, or 1.13%, at 25,700.
The market trend remained optimistic, with 1,733 shares advancing and 650 declining on the National Stock Exchange (NSE). Notable buying activity was observed in midcap and smallcap stocks, with the Nifty midcap 100 index rising 527 points, or 0.89%, to 59,879, and the Nifty smallcap 100 index climbing 199 points, or 1.04%, to 19,344.
Most sectoral indices were in the green, with significant gains in auto, metal, realty, energy, and FMCG sectors. Key gainers in the Sensex included JSW Steel, M&M, L&T, Maruti Suzuki, Tata Steel, Power Grid, ICICI Bank, Nestle, Bharti Airtel, and Tech Mahindra, while TCS and Axis Bank faced losses.
Market experts noted, “The recent record highs of the Dow and S&P 500 reflect the strength of the global bull run, driven by the US market. Strong labor market data suggests that while the labor market is slowing, it is not deteriorating. With inflation under control, the US is poised for a soft landing amid declining interest rates, which bodes well for global equities.”
They also highlighted a significant trend in India: the Bank Nifty has outperformed, rising 2% this week compared to Nifty’s 0.2% increase, though broader market weakness is emerging due to valuation concerns.
Foreign institutional investors (FIIs) turned net sellers, offloading equities worth Rs 2,547 crore on September 19, while domestic institutional investors continued their buying spree, purchasing equities worth Rs 2,012 crore on the same day.
