Dalal St at record high as US Fed turns Dovish

Mumbai: Benchmark equity indices Sensex and Nifty rallied over one per cent to hit all-time highs on Thursday, propelled by intense buying in IT, tech and realty stocks after the US Federal Reserve kept its key interest rate unchanged and signaled rate cuts next year. Persistent buying by foreign investors and sliding crude oil prices in the international markets also supported domestic equities, traders said. Rising for the second straight session, the 30-share BSE Sensex jumped 929.60 points or 1.34 per cent to settle at 70,514.20, its all-time closing high. During the day, it surged 1,018.29 points or 1.46 per cent to hit its all-time intra-day peak of 70,602.89.

“The market continued its exuberance and hit a fresh high amid the Dovish commentary from the Federal Reserve, signaling at least three rate cuts in 2024. Further, the sharp fall in US bond yields improved investors’ confidence. An upgrade in India’s GDP forecast, ease in global oil prices, and the RBI decision to clamp down inflation to the target level led to a broad-based rally with outperformance from Realty and IT,” said Vinod Nair, head (research) at Geojit Financial Services.

A total of 2,064 stocks advanced while 1,702 declined and 126 remained unchanged.

Bulls On Party

n BSE Sensex jumped 929.60 pts or 1.34% to 70,514.20

n During the day, Sensex surged 1,018.29 pts

or 1.46% to all-time intra-day peak of 70,602.89

n Nifty rallied 256.35 pts or 1.23% to record closing high of 21,182.70

n During the session, Nifty jumped 284.55 pts or 1.35% to 21,210.90, its record intra-day peak

n Tech M, Infosys, Wipro, HCL Tech, IndusInd Bank, Bajaj Finance major gainers

n Power Grid, Nestle, JSW Steel, Maruti, Titan and Tata Motors among laggards

n FIIs bought equities worth Rs4,710.86 cr