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Sensex Surges to Record High, Nifty Above 26,200

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By Rediff Money Desk, Mumbai   Sep 26, 2024 16:36

Indian benchmark Sensex jumps 666 points, driven by auto and banking sectors, as global markets rally. Nifty also closes at a record high above 26,200.
Sensex Surges to Record High, Nifty Above 26,200
Photograph: Utpal Sarkar / ANI Photo.
Mumbai, Sep 26 (PTI) Benchmark Sensex rallied 666 points to close at a fresh record high on Thursday following buying in auto and banking shares amid gains in global markets.

The BSE Sensex jumped 666.25 points or 0.78 per cent to settle at a record high of 85,836.12 amid monthly expiry in the derivatives segment. As many as 28 Sensex stocks advanced and two declined.

During the day, it reached a record intra-day peak of 85,930.43, surging 760.56 points or 0.89 per cent. The benchmark is just 69.57 points away from the 86,000-peak.

Rallying for the sixth day in a row, the NSE Nifty climbed 211.90 points or 0.81 per cent to close at a record high of 26,216.05. During the day, it soared 246.75 points or 0.94 per cent to hit a fresh intra-day lifetime peak of 26,250.90.

From the 30 Sensex firms, Maruti jumped nearly 5 per cent. Tata Motors, Bajaj Finserv, Mahindra & Mahindra, Tata Steel, JSW Steel, UltraTech Cement, Bajaj Finance and Nestle were the other big gainers.

Larsen & Toubro and NTPC were the laggards.

"China's recent economic stimulus announcement has greatly enhanced investor confidence, resulting in significant positive momentum in global markets, especially within Asian indices. Moreover, the market is maintaining an optimistic outlook in response to stable US economic data,” Vinod Nair, Head of Research, Geojit Financial Services said.

Concurrently, the Indian market is reaching new highs, anticipating a strong recovery in corporate earnings for the H2FY25, fuelled by expected government expenditure, Nair added.

The BSE smallcap gauge declined 0.39 per cent while midcap index ended flat, marginally down 0.01 per cent.

Among the indices, auto jumped 2.23 per cent, metal (2.08 per cent), commodities (1.32 per cent), FMCG (0.84 per cent),

consumer discretionary (0.75 per cent) and services (0.64 per cent).

Industrials, telecommunication and utilities were the laggards.

As many as 257 stocks hit their 52-week high levels while 46 firms declined to their 52-week lows.

"On the monthly expiry day, markets edged higher and gained nearly 1%, driven by favorable cues. Supportive global cues and rotational buying across sectors are driving the index higher each week," said Ajit Mishra – SVP, Research, Religare Broking Ltd.

Asian markets had a fantastic day at trade, with exchanges in Seoul, Tokyo, Shanghai and Hong Kong settling with significant gains.

European markets were trading in the positive territory. The US markets ended mostly lower on Wednesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 973.94 crore on Wednesday while Domestic Institutional Investors (DIIs) were buyers as they bought equities worth Rs 1,778.99 crore, according to exchange data.

Global oil benchmark Brent crude declined 1.80 per cent to USD 72.14 a barrel.

The BSE benchmark climbed 255.83 points or 0.30 per cent to settle at an all-time high of 85,169.87 on Wednesday. The Nifty climbed 63.75 points or 0.25 per cent to close at a record high of 26,004.15.
Source: PTI
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