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  4. Sensex, Nifty hit record highs following US Fed rate cut, banks lead the rally | DETAILS

Sensex, Nifty hit record highs following US Fed rate cut, banks lead the rally | DETAILS

Sensex and Nifty hit record highs after the US Fed rate cut, driving optimism in global markets. The BSE Sensex surged 236.57 points, reaching an all-time high of 83,184.80, while the NSE Nifty climbed to 25,415.80. Banking stocks led the rally, reflecting strong investor sentiment.

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: September 19, 2024 16:23 IST
Sensex
Image Source : FILE Sensex, Nifty hit record highs following US Fed rate cut, banks lead the rally

The benchmark indices, Sensex and Nifty, reached new record highs on Thursday, following the US Federal Reserve's decision to cut policy rates for the first time in four years. The move spurred global market optimism, boosting Indian equities.

Sensex and Nifty performance

The BSE Sensex climbed 236.57 points (0.29%) to close at a lifetime high of 83,184.80, with an intra-day peak of 83,773.61. Meanwhile, the NSE Nifty gained 38.25 points (0.15%) to end at 25,415.80, hitting a record intra-day high of 25,611.95 during the session.

Sectoral and stock highlights 

Major gainers included NTPC, Nestle, Titan, and Kotak Mahindra Bank, while laggards featured HCL Technologies, TCS, and SBI. Banking stocks led the rally, with strong investor sentiment across global markets, especially in Asia and Europe.

Market commentary  

Analysts credited the rally to the US Fed's aggressive 50 basis points rate cut, triggering positive sentiment globally. However, some concerns about a potential economic slowdown led to profit-booking in mid- and small-cap stocks.  

Global impact and oil prices

Brent crude oil prices also surged by 1.21% to USD 74.54 per barrel, adding further complexity to the global economic outlook amidst the rate cut.

Also read | US Fed cuts interest rates by 50 basis points, first reduction since 2020

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