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Business: 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.
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