Nifty 50 and BSE Sensex hit an all-time high after 14 months on Thursday with Bharti Airtel Ltd., ICICI Bank Ltd. and Reliance Industries Ltd. leading the gains. BSE Sensex crossed 86,000 mark for first time. The surge was buoyed by positive global cues and surge in Nifty Bank.
The Nifty 50 surged 0.39% to hit 26,306.95, while the Sensex climbed 0.46% to 86,006.88 as of 10:13 a.m. This comes after the indices rose over 1.2% each in the previous session.
"Strong global cues, consistent domestic institutional inflows, and leadership from the banking space are reinforcing the positive undertone," said Nifty Opening Outlook from Ponmudi R, CEO of Enrich Money.
Pointing to the rally unfolding despite already-high valuations, Ajay Srivastava, the managing director of Dimensions Consulting warned against excess exuberance. "Temper enthusiasm, celebrate today, but this is not a champagne-popping event as one year is a big wait for us," he said.
Global Cues
Japan and China led Asian gains, with Topix rising 0.5% and China’s Shanghai Composite gaining 0.49%. The S&P 500 also posted another strong session of solid advances on Wednesday, with the Dow adding over 300 points and the Nasdaq up 0.82%.
Asian indices mostly followed suit— Hong Kong's Hang Seng rose 0.28% and Taiwan’s Taiex rallied nearly 0.47%. South Korea's Kospi also rose 0.36%. However, Australia’s ASX 200 fell 0.04%.
Also Read: Stock Market LIVE: Nifty, Sensex Hover Near Record Highs As HDFC Bank, ICICI Bank Shares Lead
Fed Raste Cut Hopes
US retail sales came in weaker than expected on Tuesday, and consumer confidence softened, increasing hopes that the US Federal Reserve may cut rates in December.
Two Fed officials also signalled support for a rate cut.
Nifty Bank Hit Record High
Nifty Bank also hit a fresh record high of 59,802.65 after it advanced 0.46%. The index had also hit a high in the previous session after it rose 1.18%.
Rupee
Rupee opened 6 paise stronger at 89.21 against US Dollar on Thursday. It closed at 89.27 a dollar on Wednesday
RECOMMENDED FOR YOU
Stock Market LIVE: Nifty, Sensex Hover Near Record Highs As HDFC Bank, ICICI Bank Shares Lead
Sensex, Nifty Hit Record Highs: Eicher Motors, Bharat Electronics Lead Gains — Check Top Contributors
TCS To Trent: These Big Nifty Stocks Still Haven’t Recovered Even As Sensex, Nifty Hit Record Highs
SBI Share Price Today: Stock Hits Record High, Nears Rs 1,000-Mark
POPULAR